Peterborough among the first 100 places to benefit £3.6 billion fund will support towns to build prosperous futures Town Deals at heart of commitment to levelling up our regions
People across Peterborough will come together to develop ambitious plans to boost jobs and economic growth in their communities after the town was named among the first set of towns to benefit from the new £3.6 billion Towns Fund.
The towns eligible for support as they design a new generation of multi-million-pound Town Deals include places with proud industrial and economic heritage which have not benefitted from economic growth in the same way as more prosperous areas.
Peterborough is among the 100 pioneers of new Town Deals as part of the Government’s commitment to level up all regions by boosting productivity, skills and living standards.
Communities Secretary, Rt Hon Robert Jenrick MP, said: “Ensuring that prosperity and opportunities are available to everyone in this country, not just those in London or our biggest cities is central to 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 infrastructure, technology, skills and culture.
“I will now work with local people from the 100 communities announced today to agree proposals to invest up to £25m in each place. I hope these deals will provide the investment and the impetus for long-term renewal ensuring each place can look to the future with a new optimism.
“This fund will build upon previous Government investment across Cambridgeshire including £22 million Local Growth Fund investment in the Ely Southern bypass project which will deliver transport improvements in the area.”
Minister for Northern Powerhouse and Local Growth, Rt Hon Jake Berry MP, said: “We have already delivered improvements across Cambridgeshire including supporting plans set out in the recent Local Industrial Strategy to develop future generations via a Skills Apprenticeship hub.
“We’re leaving the European Union on October 31 and investing back into places like Cambridgeshire to ensure they can prosper as part of our determination to level up our regions and unite the country.
“In July, the Prime Minister promised to level up 100 places across the country, and today we’re delivering that promise in Peterborough.
“The best answers for local people will come from local people, that’s why we have listened to people living in these towns and will support them with a mega £3.6 billion fund to drive jobs and economic growth.”
Today’s announcement follows the Prime Minister’s announcement in July of an additional £1.325 billion to support towns as part of a renewed vision to level up our regions, which took the total value of the Towns Fund to £3.6 billion.
The Government will soon publish a prospectus to guide towns through the process and set eligibility criteria for funding.
Once approved, new Town Deals will improve connectivity, provide vital social and cultural infrastructure and boost growth – with communities having a say on how the money is spent. Decisions on funding any proposals will be made in due course.