This document provides information about European Union structural funds for 2014-2020 and the UK partnership agreement that will govern how these funds are allocated and used. Key points include: the funds will focus on innovation, SMEs, low carbon and other priorities. The agreement will outline targets and programs to align with Europe 2020 goals. It will require stakeholder input and Commission approval. The UK is consulting partners on an integrated approach and reducing administrative burdens to improve efficient fund implementation.