Jobs and wealth growth in Peterborough forecast to outpace the rest of the region

Peterborough is forecast to enjoy the fastest growing local economy in the East of England over the next three years, according to a new report.

​The city’s economy is expected to grow at an average of 1.9 per cent a year up to 2027, say experts at national accountants and business advisers Ernst and Young.

Peterborough will outperform the local economies of other cities and towns in the region, which are expected to grow at an average of 1.8 per cent per year by 2027. Cambridge is expected to grow at an average of 1.8 per cent a year.

Nationally, the rate of annual growth is expected to be 1.9 per cent. The figures are measured by Gross Value Added, which is the total value of goods and services produced.

But Tom Hennessy, chief executive of economic regeneration company Opportunity Peterborough, said: "I think we will outperform these projections.

“Growth of 1.9 per cent in the national context would be fantastic.

"But the figures do not take into account the local differences.

"Our £1 billion regeneration programme, that includes the Station Quarter, will make progress during this time.

He said: “We will see good growth, which is inclusive and sustainable.

"It will provide good quality, well paid jobs for the residents of Peterborough."

He said: “Peterborough City Council is developing an economic growth strategy with an employment and skills strategy focusing on supporting the growth of good quality jobs.

"Over the next three to five years there will be a real step change in life in Peterborough.”

Peterborough MP Paul Bristow said: “It is great to see Peterborough outperforming other areas in the East of England and proves once again we are a city with bags of potential.

"I would encourage everyone to double down, go further and see more growth in Peterborough.” .

Stuart Wilkinson, managing partner at EY in the East of England, said: “Cities such as Peterborough will be the driving forces behind the region’s economic growth, by making the most of their sector strengths.

"Businesses will need to prioritise attracting and developing skilled talent in order to continue making the East of England a desirable place to live and work.”