Councillors have voted to accept plans for a Cambridgeshire and Peterborough devolution deal.
Peterborough City Council backed the deal which, if agreed across all local councils, would unlock £600 million of funding for local infrastructure projects alongside vital new money to build much-needed homes.
The deal would also see decision-making powers transferred from Westminster so that a greater number of important decisions can be made locally rather than by central government.
The Cambridgeshire and Peterborough devolution deal is acknowledged by government as one of the most ambitious in the UK.
Councillor John Holdich, Leader of Peterborough City Council, gave his reaction to the vote: “I’m proud that the council has supported the devolution deal which if approved will unlock new funding and powers to build homes and improve infrastructure, create jobs and opportunities for our residents, invest in our own university and attract new businesses and grow our local economy.
“I believe devolution represents a once in a generation opportunity to help shape a prosperous future for people living and working in Peterborough and Cambridgeshire.”
Councillors endorsed the deal as well as giving their approval for the council to become a constituent member of a Combined Authority for Cambridgeshire and Peterborough.
Should other councils agree to a devolution deal for Cambridgeshire and Peterborough, the city will benefit from investment in an independent university for Peterborough and will work with government to develop an Enterprise Zone which would encourage new businesses to move to the city and create jobs.
Cambridgeshire County Councillor Steve Count, Chairman of the Cambridgeshire and Peterborough Devolution Partnership, said: “The decision by Peterborough councillors to back the devolution deal is a step closer to putting powers and funding of more than £600 million into the hands of Cambridgeshire and Peterborough communities and away from Westminster.
“This deal, which has been described by government as one of the best in the country, is just the first phase. Further phases could see us looking at further funding and powers that will directly improve the lives of our residents, create jobs and tackle deprivation.”