What support does Peterborough's economy need to recover from Covid-19?


A blueprint for Centre for Cities has identified six key areas where support is needed to keep Peterborough growing

Prior to the coronavirus crisis, Peterborough had one of the fastest growing local economies in the UK, making it part of the Fast Growth Cities group (also comprising Cambridge, Milton Keynes, Norwich, Oxford and Swindon) and a crucial part of helping the UK bounce back.

A blueprint from Centre for Cities and Fast Growth Cities has identified six key areas where support is needed to ensure that Peterborough keeps thriving.

These areas include:

  1. Labour market skills and education

  2. Business and growth

  3. High streets and city centres

  4. Housing and planning

  5. Transport

  6. Economic impact of Covid-19

In the longer term, the support for Peterborough's future economic growth will have a focus on providing adults with better education opportunities, continuing to attract high-skilled, high-paying businesses into the city, and building more homes to increase affordability in the city.

Some of these challenges are already being addressed - as with the new university and the Towns Fund investment.

Centre for Cities chief executive Andrew Carter said: "Peterborough has enjoyed several years of economic growth which has benefited people living in the city, and the whole UK through its growing contribution to the Treasury. However, it would be a mistake to think that it has escaped the economic damage done by Covid-19 and will need support to bounce back.

"In the short-term, practical measures to help Peterborough's businesses reopen will be necessary, but in the long-term, more substantive changes to skills and training are needed to protect people’s jobs from economic crashes."

Councillor John Holdich, leader of Peterborough City Council, said: "As one of the UK's fastest growing cities, we have a vision for Peterborough for the year 2050 and an ambitious growth plan to get us there.

"This incorporates a new university which will go live in 2022 and over £23million of development from the Government's Towns Fund designated for key development sites in our city. We are doing everything we can to build back better following Covid-19, but we need continued support to do this."