Peterborough secures £3million Future City grant

Peterborough has secured a Future Cities grant of £3m from the Technology Strategy Board, which will help create new jobs in the city

Last year Peterborough was one of only four UK cities to be shortlisted as a finalist in the Technology Strategy Board’s Future Cities Demonstrator competition, which intended to demonstrate how a city of the future might work more effectively, efficiently and sustainably.

Although Glasgow was announced as the overall winner of the £24m competition in January 2013, Peterborough’s bid (named ‘Peterborough DNA’) was highly praised by the Technology Strategy Board for its focus on economic and environmental sustainability.

Now, Peterborough has been awarded £3m to take forward some of the pioneering elements included within the original Future Cities bid. For example, it will help local companies bring innovative products to market as well as drive the development of local skills to meet the city’s business needs and growth ambitions. The funding will enable companies to test environmental solutions, supporting the city’s environment capital agenda, and create jobs through business growth and opportunity, to underpin the city’s economic development.

Leader of Peterborough City Council Marco Cereste is delighted with the announcement,

This is fantastic news for Peterborough. It will allow us to drive forward some exciting projects in the city to benefit local business and local people. This is a vital injection of finance to Peterborough for completely new projects, which can be a great boost to the local economy at a time of severe financial pressure

Steve Bowyer, head of economic development at Opportunity Peterborough said:

The competition was a complex one but has provided invaluable insights into how the city operates and all the innovative companies that are here. This funding will provide opportunities for businesses to bring new innovations to market as well as developing skills locally