Ambitious economic growth plan for Cambridgeshire and Peterborough gets backing

A plan to power forward a new era of economic growth in Cambridgeshire and Peterborough has been approved by the Combined Authority Board. The plan outlines the investment and focus needed to unlock the region's true promise as the nation's innovation ‘powerhouse'.   

The Combined Authority's Local Growth Plan (LGP) has been developed with Government, local councils, businesses, and the education and training sector. It sets out how the region can unlock its economic potential with the right investment, including in key infrastructure gaps like transport, housing, water and energy that threaten to hold it back. 

The LGP was approved by the Combined Authority Board today (October 22). A formal launch of the plan is due to take place in December.  

The Cambridgeshire and Peterborough economy is already globally recognised for its dynamic economy and pioneering businesses. Its most successful industrial sectors are central to the UK Government's own growth mission contained in the UK's Industrial Strategy. The Combined Authority will work in partnership with Government to unlock the investment for further growth, building on what works, and spreading prosperity and opportunity to more of the region.   

Developed through extensive collaboration with partners, including senior Government departments and national agencies, the LGP identifies six high-growth sectors that will power the region's future prosperity: 

• Life Sciences 

• Advanced Manufacturing and Materials 

• Defence 

• Digital Technologies 

• Agri-Food and Agri-Tech 

• Energy and Clean-Tech 

The plan sets out shared priorities with Government, focusing on infrastructure challenges such as energy and water capacity, improving transport connectivity everywhere, and supporting quality placemaking for new homes and communities. 

The plan highlights four new Opportunity Zones to spread growth across every part of the area: 

• Global City Cambridge – turbocharging the world's leading science and tech cluster and unblocking key infrastructure gaps. 

• Peterborough Fast Growth City – supporting investment, skills and regeneration-led growth to unlock its potential. 

• North Hunts Growth Cluster – building the local defence sector and strengthening advanced manufacturing and life sciences, while investing in better transport and new homes.  

• Fens Growth Triangle – unlocking growth in advanced manufacturing, agri-tech underpinned with better digital connectivity and transport.  

These zones will target investment, skills and infrastructure to create more jobs, boost productivity and ensure every community benefits from growth. 

Paul Bristow said: “This is a big moment for our region's economic future.  

“We've got world-class talent, brilliant businesses and global reach, but that can't be taken for granted.  

"The LGP sets out the action we need. It's about supporting our key sectors and spreading opportunity to more people and places. It's about investing in the homes, jobs, transport and infrastructure we need to fire up our economy and make us the fastest-growing region outside London.  

“It is rightly ambitious, and I'm ready to work with Government and local partners to make it happen. 

“Growth is good. It means better jobs, stronger businesses, and more money to invest back into our communities and public services. The healthier, wealthier and happier Cambridgeshire and Peterborough we want is dependent on it.  

“This plan meets our potential – I'll now drive a collective effort to deliver.” 

The Local Growth Plan outlines a roadmap for future investment and deeper devolution deals with Government, aligning local priorities with the national growth mission and the UK's Industrial Strategy.