Search starts to find suitable site for Investment Zone in Peterborough

Talks are to start with Peterborough City Council chiefs about the possible creation of an Investment Zone.

The Mayor of the Cambridgeshire and Peterborough Combined Authority has been given a 10 day window to work with the council to submit a proposal for an Investment Zone.

Mayor Dr Nik Johnson said: “Government has now opened the process for Mayoral Combined Authorities to submit Investment Zone expressions of interest.

"The Combined Authority has until October 14 to work with local authorities and stakeholders to develop and submit a proposal, where there is consensus.

“We are exploring all options with the aim of identifying sites which will spread new jobs, jobs with quality pay, opportunities and prosperity across our entire region.”

Alex Plant, chair of the Combined Authority’s business board, said: “The concept seems to be to designate geographic sites which will receive discounted businesses rates and accelerated planning. The local area will be able to retain business rates income.

“We will want to consider whether there are sites that could be suitable as Investment Zones; which could boost productivity, investment and local employment and drive sustainable growth.”

Councillor Wayne Fitzgerald, city council leader, said: “We will be exploring the opportunities of Investment Zones.

"We are looking at whether Peterborough would benefit from having an Investment Zone. It certainly seems like a good idea but we must be sure it is the right thing for us.”