The new university campus, based at the Embankment, will help boost Peterborough's economic recovery, creating more than 500 jobs and help develop the skills needed for the future. It is a partnership between the Cambridgeshire & Peterborough Combined Authority, Peterborough City Council and Anglia Ruskin University (ARU).
The Government's investment will help develop phase 3 of ARU Peterborough. Part of the campus space will also be open to the public, showcasing the city's net-zero future through events and exhibitions - including 'festivals of ideas', immersive displays and evening classes.
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Peterborough is one of the five places in the East of England which received a share of £87 million from the first round of the £4.8 billion Levelling Up Fund, as announced by the Chancellor in last month’s Budget.
The Chancellor also met business owners in the city centre who will benefit from the extra footfall generated by the university, including Bean Around coffee shop on Cathedral Square, Niro Fashion in Cumbergate and Fleur by Lizz in Queensgate.
The Living Lab, part of the phase 3 development, will be the centrepiece of the new University Quarter Cultural Hub, and is expected to attract 50,000 visitors a year. ARU Peterborough is due to open in September 2022, to up to 2,000 students and will continue to develop over the decade.
The investment to create the University Living Lab and additional teaching space, follow £23 million from the Towns Fund, which will fund a range of projects including 'The Vine' library, culture and community hub, that will regenerate the city centre.
Chancellor Sunak, said: "One of our key priorities is to level up the UK by spreading jobs, investment and opportunity.
"So it has been fantastic to come to Peterborough and see levelling up in action, with £20 million from our Levelling Up Fund transforming the city-centre site into a vibrant cultural hub that local people can be proud of, all while boosting jobs and the economy."
