Peterborough to receive up to £25 million to regenerate the city from new Towns Fund

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Peterborough is to receive up to £25 million from the Government to help regenerate the city.

The Government announced its £3.6 billion new Towns Fund today (Friday, September 6), with Peterborough being one place included on the list.

This image gives an indication of how civic leaders would like to see Peterborough take shape

This image gives an indication of how civic leaders would like to see Peterborough take shape

The Ministry of Housing, Communities & Local Government said the areas which have been selected include “places with proud industrial and economic heritage but have not always benefitted from economic growth in the same way as more prosperous areas”.

It added: “Communities, businesses and local leaders will now join forces to draw up ambitious plans to transform their town’s economic growth prospects with a focus on improved transport, broadband connectivity, skills and culture.”

Each area on the list will receive up to £25 million of financial support.

Asked how much Peterborough will receive, a MHCLG spokeswoman said: “The 100 places we have announced today will receive support to develop a vision and specific projects for their area, and we will announce details of this initial support shortly.”

Peterborough is set to open a new fully-fledged university at the Embankment in 2022, while proposals are being developed for the derelict North Westgate site and Station Quarter as part of a city centre masterplan.

RELATED: Blueprint to transform Peterborough city centre is revealed

Local Government Secretary Robert Jenrick said: “Ensuring that prosperity and opportunities are available to everyone in this country, not just those in London or our biggest cities, is at the heart of the mission of this Government.

“We want to level-up our great towns, raising living standards and ensuring they can thrive with transformative investment in transport, technology, skills and culture.

“I will now work with local people from the 100 communities announced today to agree proposals to invest up to £25 million in each place. I hope these deals will provide the investment and the impetus for long-term renewal, ensuring each town can look to the future with a new optimism.”

The Government will soon publish a prospectus to guide towns through the process and set eligibility criteria for funding.