Government gives £37 million cash boost for Peterborough and Cambridgeshire

New investment in business scale-up and innovation on the area’s Enterprise Zones are just two of the locally-chosen programmes set to benefit over the next few years, alongside others which will improve skills attainment, create jobs, build homes and improve infrastructure.

This latest award of ‘Local Growth Funding’ is on top of £109 million of Growth Deal funding already awarded to the Greater Cambridge Greater Peterborough LEP. The total award could see 8,000 jobs created, 2,000 homes built and attract £29 million extra investment over the next five years.

Mr Javid said: “As part of efforts to deliver an economy that works for everyone, the Government is devolving powers and resources directly from Whitehall to local people who know their areas best.

“That is why we’re giving £37.6 million of new money to the Greater Cambridge Greater Peterborough LEP to give businesses the support and opportunities they need to achieve their potential – on top of the £109 million we have already awarded.”

Mark Reeve Chairman of the Greater Cambridge Greater Peterborough Local Enterprise Partnership said: “Our Growth Deal award of £37.6 million comes on the back of a strong Devolution Deal for Cambridgeshire and Peterborough, funding for work on East-West Rail worth £110 million and an additional £27 million to support study work for the Oxford to Cambridge Expressway. This continued investment in our LEP area is critical to unlock key barriers to growth, delivering infrastructure upgrades and new housing that are vital to the economic success of both our area and UK Plc as a whole.”