New business case being planned for Cambridge Market Square investment

Market Square, Cambridge

CAMBRIDGE City Council is working over the next months to provide a business case for investment into Market Square, as part of the Cambridge Cultural Quarter, as well as space for creative industries start-ups, to help with inequalities that exist in Greater Cambridge.

This follows its welcome of a report published by Cambridgeshire and Peterborough Combined Authority that earmarks fresh funding for Cambridge.

The city council proactively put forward proposals to CPCA for funding towards a number of strategic initiatives to address inequality and boost the city’s cultural provision.

The Draft 2024/25 Corporate Strategy and Budget and Medium-Term Financial Plan 2024/2028, which was discussed at the end of November by CPCA members, proposes to earmark funds for investments including:

• Cambridge Cultural Quarter – £1.5m of match funding to support the enhancement of the Market Square in Cambridge as part of a wider work on a central ‘Cultural Quarter’

• Creative industries – £3m of match funding to support the development of the Cambridge Leisure site to help create a regional hub for creative industries, including space for start-ups, artists and other creatives in one location

• Greater Cambridge Impact Fund - £1m to address the stark inequalities in Greater Cambridge and share the benefits of the growth driven by the city’s knowledge economy

Cllr Mike Davey, Leader of the Council, said: “We made a strong case to the CPCA for investment in Cambridge which would also offer benefits across the wider area, so I am really pleased to see this reflected in their report.

“This investment will make a big difference, helping us to tackle inequality and bolster the city’s cultural offer and the development of the creative industries.

“These are earmarked funds and as such very welcome but it’s important to emphasise that there is further work to build a full business case before these initiatives can be fully realised. 

“We’ll continue to work closely with our partners here in Cambridge and across the Greater Cambridge area to do that in the coming weeks and months.”