More than 700 redundancies have been announced by a number of firms this year as companies review their operations.

The latest is Barclays Wealth, part of the Barclays Group, which plans to axe 392 jobs as it moves its operations to other parts of the UK.

Several weeks ago, furniture maker Acco UK, of Bretton, said it would make 133 job losses by moving its facilities to China while Lloyds TSB announced earlier this year that 243 jobs would go with the closure of its processing centre at Thorpe Wood.

Chief executive of Peterborough Chamber of Commerce John Bridge said: “While it is disappointing news there are pluses and minuses.

“There are far more companies identifying Peterborough as a place they wish to relocate to than companies wanting to leave.

He added: “Peterborough is pushing on with its growth agenda and has the ability to assimilate jobs in its business environment.”

Peterborough MP Stewart Jackson said: “The job losses are disappointing.

“We need a campaign to publicise Peterborough. There is not enough marketing of the city’s natural advantages for business.”

In response Mr Bridge said: “A group has been created of representatives of various agencies to deal with the marketing of Peterborough and the advantages and attractions the city offers to businesses.

“This is something that has not been done quickly or effectively but we are seeking to put that right. There is a very strong economic case for companies to come to Peterborough.”

In addition, there are a number of development schemes that have been put forward over the last few weeks, which are expected to create thousands of jobs and attract investment of more than £800 million.

Some £450 million will be invested with the shops, leisure and homes development in North Westgate that is expected to create 3,000 jobs during construction and a further 3,000 jobs afterwards. There will also be jobs and investment created by plans to build 450 eco-homes at South Bank.

In addition, there are plans to site a cutting edge environmental business centre near Peterborough railway station, which is expected to create 2,400 jobs as it attracts a range of high quality firms to the city.