Equity and Local Economy
Why we need to invest in our economy:
The Peterborough economy is diverse and provides a range of opportunities. We are committed to growing our city, we continually see growth within our business community and new investment on a regular basis. However, we still have areas of concern; we have deprived communities and access to work is not equal across the city. We know that certain communities struggle to access employment and training, and conversely businesses can’t find skilled labour. Our key challenge is to reduce deprivation by closing the gap between our community and their ability to access work.
We we need to do:
We need to increase the Gross Value Added (GVA) to be amongst the best in the county and in doing so enable residents to attain the skills level they aspire to, sustaining employment within their chosen field.
Peterborough is already investing in our local economy:
- 350 businesses form the largest cluster of environmental goods and services companies in Europe
- Our GVA per head (2009) is relatively high at £23,394 (compared to £20,498 nationally and £18,536 East of England)
- We are the second fastest city in the country for growth at 18%
- Between October 2009 and December 2011 unemployment has fallen by 0.6%, while job vacancies have increased by 60% since September 2011.
- The Peterborough workforce of 110,000is employed in more than 5,000 companies, including both global giants and innovative Small to Medium size Enterprises (SME’s)
- Over 5,000 jobs have been announced in the city in the last 18 months
- However, only 37% of the workforce is employed in higher level jobs (8% below the national average) with 27% employed ion low skills jobs.
- The cleantech cluster is home to 5,900 jobs and has contributed £560m into the local economy.
- In 2011, 12.6% of Peterborough homes (9,315) were in fuel poverty, a decrease from 15.6% in 2010.
- The ‘ready to switch’ campaign offers household savings between £60 and £200.
- The city council has entered into a strategic partnership with British Gas to invest between £5m and £20m into tackling fuel poverty in the city.
- 13 million people live below the poverty line in the UK.
- Increase the number of jobs in the cleantech cluster by 10%.
- Reduce city wide unemployment by 1% annually.
- Undertake a housing stock survey to ascertain homes in fuel poverty and subsequently target resources with the aim of achieving the Government’s target to eradicate fuel poverty by 2016.