Funding of £6.5 million will be approved next week to accelerate progress on an independent University of Peterborough.
The money will come from the Cambridgeshire and Peterborough Combined Authority and will be used to increase university student numbers in the city from 800 to 3,000 by 2022.
This will be done by expanding the curriculum at University Centre Peterborough (UCP), recruiting staff and raising the city’s higher education profile.
Degrees are currently awarded for UCP students, and the process to convert it into a fully-fledged university is underway. As student numbers grow, the funding could also be used to secure a new UCP interim site ahead of any future university campus development.
Mayor of Cambridgeshire and Peterborough James Palmer, head of the combined authority, said: “Establishing an independent university was a central pledge of my campaign and therefore I’m delighted that the combined authority is set to approve funding to further this development within my first 100 days.
“Not only will it create opportunities for our young people and attract and develop a better skilled workforce for employers, it will lead to the creation of thousands of new jobs and a provide a significant boost to the local economy.”
Peterborough City Council leader Cllr John Holdich said: “This funding is crucial and the combined authority’s backing means we can now accelerate our plans to establish a fully-fledged independent university in the city.”