Work is about to start on an ambitious bid to secure Investment Zone status for Peterborough
The move comes after Chancellor Kwasi Kwarteng announced the new growth initiative during his mini-budget announcement last week.
If the city bid is successful, it will pave the way to offer businesses tax cuts and a relaxed planning regime in a bid to drive up growth for Peterborough.
Currently 38 cities have been singled out for Investment Zones status but the Government is keen to hear from other areas interested in the programme.
Peterborough MP Paul Bristow said: “We are looking to put together a bid for Peterborough to be part of the Investment Zone initiative.
He said: “If successful, it will mean favourable tax incentives for companies to relocate to Peterborough. It will complement the goals of Peterborough’s new university along with the new research and development centre and the planned Living Lab.”