The new Peterborough Economic Growth Strategy was approved by Peterborough City Council’s cabinet yesterday (Tuesday, 15 October).
Its aim is to coordinate the economic growth of the city by ensuring all planned growth is underpinned by five guiding principles – 1. Sustainability 2. Innovation/Diversity 3. Inclusive 4. Attractive 5. Connected.
These areas of growth have been chosen to ensure Peterborough is growing in the right way to help our city’s businesses, futureproof our city and lead to more highly skilled and paid jobs – putting more money into residents’ pockets.
Councillor Dennis Jones, leader of Peterborough City Council, said: “Peterborough is a city with a rich history, great ambition and incredible economic potential.
“Our vision with the Peterborough Economic Growth strategy is to make our city a beacon of equitable development and a high quality of life – a city of opportunity for all.”
Delivery of the strategy will include five game changing interventions:
1. Sustainable – PIRI Infrastructure – The ‘Peterborough Integrated Renewables Infrastructure’ (PIRI) programme will deliver low cost, low carbon energy for residents and businesses in our city. Phase 1 features district heating, and a private wire network, with delivery expected 2025/26.
2. Innovative and Diverse - Innovation Partnership – City-wide partnership to boost innovation, productivity and knowledge sharing. The partnership will explore funding opportunities to provide subsidised vouchers to local businesses for access to courses, networking, and mentoring.
3. Inclusion – Business Rates Relief – Peterborough City Council will explore how it could use its powers under the Local Government Finance Act to leverage discretionary business rates relief to encourage businesses to adopt business practices that promote good growth, i.e. have a particularly powerful impact on social and environmental outcomes, as well as encouraging specific employers to locate in the Peterborough area, creating jobs in priority sectors.
4. Attractive – City Centre Framework – We will transform our city centre by delivering a Development Framework Plan or Supplementary Planning Document, to provide clear guidance on the city centre vision, encouraging development and regeneration.
5. Connected – International Rail – Securing an international rail station, connecting our city to Europe, boosting attractiveness, productivity, and trade. We are in negotiation with French officials representing parties interested in bringing international rail travel North of London.
Cllr Jones, said: “Peterborough is on the cusp of a great transformation in terms of regeneration. In order to capitalise on this and ensure that the residents and communities of Peterborough benefit, it is essential that proactive action is taken to deliver those benefits.
“Transformational change over the next decade will improve residents’ quality of life, reduce levels of poverty and inequality, and help to make Peterborough one of the most attractive places to live, work and visit in the UK. This strategy will help create a bigger, better and greener Peterborough, growing in the right way to meet the needs of its population, providing a range of high-quality attractions and facilities.”
The Peterborough Economic Growth strategy is one of a trio of strategies which will interconnect to make our city even more desirable to live, work and visit. The two other strategies are: Visitor Economy Strategy (also discussed at the same Cabinet meeting) and an Employment and Skills Strategy, which will come later this year.