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27/07/2017

Cambridgeshire and Peterborough agrees to investment strategy

Words: Laura Edgar
Cambridge / iStock-157197728

The Cambridgeshire and Peterborough Combined Authority (CPCA) has agreed to establish an investment strategy that aims to unlock the delivery of schemes such as those that provide affordable housing and transport improvements.

The strategy will see an investment fund created to build on the financial package from the government that was part of the devolution agreement.

Steve Count, fiscal portfolio holder at CPCA, said the region “requires a far larger level of investment and an ambitious strategy” to deliver prosperity.

The combined authority wants to attract more public and private sector investment and to target resources to specific projects.

Financial services company CBRE will lead the development of the strategy and advise on the investment fund, alongside the combined authority’s own investment group.

The first three projects to be assessed on their potential for private investment will be the dualling of the A47, Wisbech Garden Town and Rapid Mass Transport options. A budget of £25,000 has been agreed on to appraise the first three options.

Funding has also been settled on to create a local transport plan by the CPCA board. A budget of £500,000 has been allocated to the work, which should include local consultation and be completed by February 2019.

In the interim, the board has pledged to adopt the previous local transport plan of Cambridgeshire County Council and Peterborough City Council as a single local transport plan.

Image credit | iStock

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