Major funding programme for skills, business & communities moves forward

Major funding programme for skills, business & communities moves forward

The Combined Authority has taken another step towards delivering 18 new projects to grow the economy, support businesses, and create new opportunities for people.

With nearly £4.4 million from the UK Shared Prosperity Fund (UKSPF) for 2025/26, the aim is to deliver 18 projects across Cambridgeshire and Peterborough.  These projects are designed to deliver real impact for our region while aligning with the UKSPF’s national priorities, ensuring that investment supports local communities, businesses, skills and culture in a way that drives sustainable growth while reducing inequality.

Schemes covering all of Cambridgeshire and Peterborough include:

• The Impact Growth Programme will support social enterprises – businesses which exist to benefit society or the environment – to grow. This will include better joining up of support on offer, offering training, coaching and mentoring, and bringing the social enterprise community closer together so they share learning, ideas and support to help the sector thrive in the region.

• Supporting a Region of Culture will build a regional partnership to enhance tourism and strengthen the visitor economy. It will help attract more visitors by promoting heritage, culture and arts events and attractions, while bidding for big name events. Grant funding for activities will be part of the programme, which aims to support local businesses and jobs, and strengthen and preserve arts and culture.

• Skills Brokerage, including fully funded Internship Programme, will continue to receive UKSPF support. Delivered by the Combined Authority under its Growth Works with Skills brand, the Skills Brokerage service help businesses to grow and become more productive by having access to the skills and talent they need to be successful now and in the future. By helping businesses to develop effective workforce plans, the service also creates new opportunities for local people looking to get on in their career, including through training and apprenticeships.

There are also a series of projects specific to cities and districts. These include a programme to develop Peterborough market and city events, a digital and computer skills scheme in East Cambridgeshire, a business grant initiative in Fenland, a high street improvement plan in South Cambridgeshire, a scheme to increase the vibrancy of Huntingdonshire towns through events and business support, and a scheme to support communities in the Abbey ward in north east Cambridge.

The impact of these schemes will be assessed through various measures, including changes in employment rates, improvements in people’s skills, reductions in inequality indicators, and the development of stronger, more connected communities.

Dr Nik Johnson, Mayor of Cambridgeshire and Peterborough, said: “There are some really exciting projects proposed with this money that will create real opportunity for people, communities and businesses across Cambridgeshire and Peterborough.”

This programme aims to support the Cambridgeshire and Peterborough’s agreed Shared Ambition, promoting fairer opportunities, reduced inequality, sustainable growth, and stronger communities.

On Monday, the Investment Committee recommended the UKSPF spending proposals for approval by the Combined Authority Board, which will make its decision on March 19.

A new national initiative will replace UKSPF in 2026, with further details expected in the Government’s Spending Review in the spring.