Cambridgeshire and Peterborough Independent Economic Reivew recently published its interim report, developed by Cambridgeshire and Peterborough Independent Economic Commission (CPIEC).
The report demonstrates the rate of economic and employment growth in the region and highlights the importance of planning now to ensure growth will be sustainable and more inclusive.
Darren Hill, Commercial Property Manager at Cheffins, comments:
"This is the first time that an independent commission has published findings on the Cambridgeshire and Peterborough economy and its final report will form the backdrop for future strategic policy and decision-making by the Cambridgeshire and Peterborough Combined Authority. Decision-making and infrastructure investment should, therefore, be based on compelling arguments without political interference. The commission has leading experts on its panel with a variety of backgrounds and expertise that is currently considering contributions from a wide array of organisations across the devolved geography, and so it should provide a comprehensive picture of the current economic situation and future challenges.
The real positive is that economic growth in the area appears to be above that already reported, however, this will increase the urgency for new and improved transport and housing infrastructure to sustain this growth moving forward. This will be paramount in order to keep the area attractive amid global competition.
The challenge is going to be whether the present structure for authorities in Cambridgeshire and Peterborough can deliver in these areas given available funding streams and the complexity of the current Local Government framework. The report notes, for example, that there is a real need to provide clarity on the current roles and responsibilities for the Combined Authority/Upper and Lower Tier Authorities. If anything, the review of Local Government across the area being led by Andy Wood on behalf of the Cambridgeshire and Peterborough Combined Authority (CPCA) is perhaps even more important and this may also require additional devolved fiscal powers to be given to the mayor in order to be successful."
The interim report can be downloaded here.
Darren Hill can be contacted on 01223 271969.