Peterborough given £22 million to 'level up' city's economy

Peterborough has been offered a Town Deal worth up to £22m through the Government’s Towns Fund , the Communities Secretary Robert Jenrick has announced today (Tuesday 27 October).

Peterborough is one of the first seven towns across the country to have a funding offer made as part of a landmark £3.6 billion Government scheme aimed at levelling up local economies and creating jobs by investing in transport, infrastructure and skills.

In Peterborough plans include making the city more sustainable, by encouraging low carbon living through cutting emissions and being kinder to the environment. The plans will also help residents to maintain healthy and active lifestyles with the development of a new Activity Centre in town and improvements to pedestrian areas and walkways to encourage outdoor activity.

A new Enterprise Hub will be created in the town to encourage inward investment and help local businesses and budding entrepreneurs to succeed by giving them access to the tools and space they need.

Work is now underway to confirm the final funding amount and get deals in place so much needed regeneration projects can begin.

The Towns Fund will play a fundamental role in the local recovery of areas from the pandemic. This is in addition to the Government’s unprecedented package of coronavirus support, including £18.67m for Peterborough. Ministers will remain in conversation with local leaders over the appropriate coronavirus alert levels for their areas, including any further support that might be required.

Minister for Regional Growth and Local Government, Luke Hall said: “The Government is helping Peterborough to realise its vision for the future, with a confirmed Town Deal worth up to £22m to help make this a reality.

“This funding will help Peterborough to increase the number of jobs available for local people, by supporting local businesses and entrepreneurs to succeed, and encouraging inward investment.

“Every area of the country is going to benefit from our shared prosperity, so we can unlock jobs and opportunity for local people in all of our regions.”

All 101 towns selected to work towards a Town Deal were given a funding allocation with proposals being submitted to the MCHLG. The first cohort of towns submitted proposals in July , before being reviewed by officials and a final decision made by ministers. Further Town Deals are due to be announced during November.

The Government is working with Peterborough City Council and the Cambridgeshire and Peterborough Combined Authority to create better transport links, more connectivity and world-class education opportunities across the country.