Peterborough is ‘priority’ in £4 billion Levelling Up Fund
Peterborough has been chosen to bid for a share of a £4.8 billion funding pot created to tackle regional inequalities.
The city has been included among 45 cities and towns to take part in the first round of bidding for the new Levelling Up Fund.
The fund was announced in last year’s Government Spending Review and is available for areas to submit bids during 2021-22 with the focus on projects that require between £20 million and £50 million of investment.
Chancellor of the Exchequer Rishi Sunak announced Peterborough’s inclusion among the first time bidders during his spring Budget delivered to the House of Commons yesterday (Wednesday).
The Levelling Up Fund is a joint venture between the Department for Transport, the Ministry for Housing, Communities and Local Government and the Treasury and which is worth £4 billion in England over four years.
It seeks to invest in local infrastructure that has a visible impact on people and their communities
Peterborough MP Paul Bristow said: “The big Budget news for Peterborough is we are at the very top of the bidding list in priority category 1.
“We knew there would be a £4.8 billion Levelling Up Fund to support regeneration, transport projects and culture. What we didn’t know was where it would be spent.”
He said: “I’m looking forward to working with Peterborough City Council to develop our bid. This really was a budget that put Peterborough first.”
News of Peterborough’s inclusion in the Levelling Up Fund comes after a number of other successful funding applications.
The city was awarded £16 million for a new Science and Technical University and Research Hub and it will be getting £23 million from the Towns Fund to kickstart regeneration and renewal.