£3 million Future Cities grant for Peterborough
Peterborough recently received a £3 million investment from the Technology Strategy Board, a public body specialising in supporting innovation and the advancement of knowledge through programmes and investments. In 2012, the city was short-listed as a finalist for the organisation's Future Cities Demonstrator contest and was praised for its role in promoting sustainable environmental practices and local economic development.
Investment paves the way for 'exciting projects' in Peterborough
Marco Cereste of Peterborough City Council described the funding as 'fantastic news for Peterborough' and stressed that the event would enable his authority to deliver 'exciting projects in the city' for the future. Only three other cities in the UK were short-listed in the Technology Strategy Board competition, while Glasgow emerged as the overall winner of the event.
Unemployment continues to pose a challenge
The news comes at a time when unemployment in Peterborough reached a record high of 6,710 in February 2013, which was an increase of almost 400 compared to the previous month. However, on a more encouraging note, around 1,000 new jobs were created at the fulfilment centre of the online retailer Amazon at the end of 2012.
Promising news for Peterborough's logistics sector
Plans have recently been announced for the development of a new state-of-the-art cold storage centre in the city, which could provide more than 300 new jobs for the local economy. Yearsley, Britain's most successful cold storage business, is preparing to make a multi-million pound investment at the Gateway Peterborough site, which is situated near the southern outskirts of the city. The nearby A1 and A14 roads offer ideal transport links from 'north to south' and 'east to west', says Harry Yearsley, the managing director of the company.