About the Greater Cambridge City Deal
What is the City Deal?
What is the City Deal?
The Greater Cambridge City Deal is an agreement set up between a partnership of local organisations and Central Government, to help secure future economic growth and quality of life in the Greater Cambridge city region. It is the largest of several City Deal programmes taking place in the UK.
Why is it important?
The Greater Cambridge city region has achieved global success as a world-leading research and technology hub, with the highest cluster of tech firms in the UK (known as the 'Cambridge Phenomenon').
However, its rapid growth is now contributing to significant traffic congestion throughout the city, a shortage of new homes and affordable housing, and a lack of relevant skills needed to support employment in a growing economy.
In 2014, the Greater Cambridge City Deal partnership successfully agreed powers and funding from Central Government, for infrastructure improvements to help address these issues and secure future prosperity for the people of Cambridge and South Cambridgeshire.
To unleash a second wave of the ‘Cambridge Phenomenon’, securing sustainable economic growth and quality of life for the people of Cambridge and South Cambridgeshire.
Who is involved?
The five City Deal partners are:
- Cambridge City Council
- Cambridgeshire County Council
- South Cambridgeshire District Council
- University of Cambridge
- Greater Cambridge Greater Peterborough Local Enterprise Partnership
The agreement set up with Central Government will provide up to £500 million worth of funding over the next 15 years. We have secured an initial £100 million investment over the five years to 2020, to progress the first tranche of City Deal projects.
A further £200 million will be available from April 2020 and a final £200 million in 2025, if we can prove success in driving economic growth from each tranche of the City Deal programme. We aim to generate a further £500 million through other funding streams, bringing in a total investment of £1 billion.
Central Government funding for future tranches of the City Deal will be subject to an independent assessment of the previous tranche’s success in delivering economic growth. An independent panel is currently being set up to manage this assessment process.