Nationally, it is estimated that the cost of child poverty to the country annually is £25 billion, consisting of spending on services to deal with the consequences of child poverty, reduced tax receipts from parents, increased welfare benefits and loss of private income.
For too many children, being born into poverty often results in poor children becoming poor adults. Whilst some children born into poverty go on to thrive, the majority will face lifelong poverty, and subsequently bring the next generation of children into the poverty cycle.
A life in poverty means risks to health, to life expectancy, to choices and opportunities. We want all children in Peterborough to have the chance to live a life without social and economic deprivation. To make this happen a collaborative approach is required: everyone must recognise it is their business to act to reduce child poverty.
This strategy outlines the council's commitment to ending this cycle of disadvantage and sets out the actions that we will take over the next five years to tackle child poverty. One of the ways in which the council can tackle poverty both in families and across the city, is ensuring that the council continues to invest in and support the economic development of Peterborough.