Small businesses are the backbone of our local economy. Whether it’s the independent cafes that keep our high streets alive or the growing tech firms and manufacturers bringing skilled jobs to our city, they’re a vital part of what makes our region tick.
We’re a city that gets on with it – and the numbers show it. In 2024 alone, nearly 2,834 new companies were created in Peterborough, a record-breaking figure that reflects just how much drive and enterprise there is here. In total, there are now over 7,800 businesses operating in Peterborough, with the Peterborough’s wider economic area home to more than 26,000.
But behind these big numbers are local people putting in long hours, taking risks, and navigating rising costs. I’ve heard from many small business owners across our area who are proud of what they’ve built, but are frustrated by the barriers in their way – from high energy bills to a business rates system that just doesn’t reflect the pressures of today’s economy.
At the same time, the number of business closures has outpaced new openings in recent years. In 2023, 1,160 new businesses were set up in Peterborough – but 1,390 closed. That’sa trend we can’t afford to ignore.
That’s why I’ve made standing up for local businesses one of my top priorities. From day one, I’ve been fighting for a fairer deal – including long-overdue reform of the business rates system, which punishes high street shops while letting online giants off the hook. Labour has been clear: we’ll scrap and replace business rates with a system that levels the playing field and supports growth.
I’ll also be pushing for investment in skills and apprenticeships so local firms can hire and train the staff they need. We’ve got huge potential here in Peterborough, particularly in sectors like green tech, engineering, and logistics. But that potential won’t be realised without a government that backs our region and our people.
We should also be making it easier – not harder – for people to start and grow businesses. That means better access to finance, clear and simple regulation, and proper support for start-ups and self-employed people who often fall through the gaps.
This is a city full of people with ideas, ambition and a strong sense of community. That should be reflected in the jobs and opportunities available here.
With the right backing, our local businesses can thrive – bringing good jobs, opportunity and pride to every part of our city.
In Parliament, I’ll always champion the people who power Peterborough and North West Cambridgeshire – and make sure that the voice of our business community is heard loud and clear.