Reeves: I am going further and faster to kick start the economy
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Chancellor Rachel Reeves will today vow to go “further and faster”
to kick start the economy, as she unveils new plans to deliver the
Oxford-Cambridge Growth Corridor that will boost the UK economy by
up to £78 billion by 2035 according to industry experts. In a
speech in Oxfordshire, the Chancellor will tell regional and
business leaders that economic growth is the number one mission of
this government and its Plan for Change. She will declare that
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Chancellor Rachel Reeves will today vow to go “further and faster” to kick start the economy, as she unveils new plans to deliver the Oxford-Cambridge Growth Corridor that will boost the UK economy by up to £78 billion by 2035 according to industry experts. In a speech in Oxfordshire, the Chancellor will tell regional and business leaders that economic growth is the number one mission of this government and its Plan for Change. She will declare that Britain's economy has “huge potential” and is at the “forefront of some of the most exciting developments in the world like artificial intelligence and life sciences.” She will back the redevelopment of Old Trafford and will review the Green Book - the government's guidance on appraisal - in order to support decisions on public investment across the country, including outside London and the Southeast. The speech comes after the Chancellor last week announced a new approach for the National Wealth Fund (NWF) and the Office for Investment (OfI) to work with local leaders to build pipelines of incoming investment and projects linked to regional growth priorities. This includes the NWF trialling Strategic Partnerships in Greater Manchester, West Yorkshire, West Midlands, and Glasgow City Region and the OfI piloting an approach in the Liverpool City Region and the North East Combined Authority to connect their regions to central government and industry expertise in order to unlock private investment. Reeves will say “low growth is not our destiny, but that economic growth will not come without a fight. Without a government that is on the side of working people. Willing to take the right decisions now to change our country's course for the better.” The Chancellor is expected to say: “Britain is a country of huge potential. A country of strong communities, with local businesses at their heart. “We are the forefront of some of the most exciting developments in the world like artificial intelligence and life sciences. We have great companies based here delivering jobs and investment in Britain. “And we have fundamental strengths – in our history, our language, and our legal system – to compete in a global economy. “But for too long, that potential has been held back. For too long, we have accepted low expectations, accepted stagnation and accepted the risk of decline. We can do so much better. “Low growth is not our destiny. But growth will not come without a fight. Without a government that is on the side of working people. Willing to take the right decisions now to change our country's course for the better. “That's what our Plan for Change is about. That is what drives me as Chancellor. And it is what I'm determined to deliver.” In her speech the Chancellor will announce:
The Chancellor is expected to say: “Oxford and Cambridge offer huge economic potential for our nation's growth prospects. “Just 66 miles apart these cities are home to two of the best universities in the world two of the most intensive innovation clusters in the world and the area is a hub for globally renowned science and technology firms in life sciences, manufacturing, and AI. “It has the potential to be Europe's Silicon Valley. The home of British innovation. “To grow, these world-class companies need world-class talent who should be able to get to work quickly and find somewhere to live in the local area. But to get from Oxford to Cambridge by train takes two and a half hours. “There is no way to commute directly from towns like Bedford and Milton Keynes to Cambridge by rail. And there is a lack of affordable housing across the region. “Oxford and Cambridge are two of the least affordable cities in the UK. In other words, the demand is there but there are far too many supply side constraints on economic growth in the region.” Designed to take advantage of the region's unique strengths and potential, the announcements are further evidence of the government's modern Industrial Strategy in action as it seeks to create the right conditions to increase investment in our leading growth sectors like life sciences, artificial intelligence and advanced manufacturing. She will add: “Taken together, these announcements show that for the first time a government is providing real leadership to deliver this project with a clear strategy for the entire region backed by funding for the housing and infrastructure we so badly need.” The speech comes after the Chancellor last week announced a package of investment reforms to spur regional growth across the UK. Rachel Reeves set out a new approach for the National Wealth Fund (NWF) and the Office for Investment (OfI) to work with local leaders to build pipelines of incoming investment and projects linked to regional growth priorities. Putting local knowledge and leadership at the forefront, there will be tailored strategies for each region to ensure investment matches local needs and drives sustainable growth. Putting the government's Plan for Change into action, the Chancellor set out that the goal is to harness growth everywhere to rebuild Britain and usher in a decade of national renewal. Measures included the NWF trialling Strategic Partnerships in Greater Manchester, West Yorkshire, West Midlands, and Glasgow City Region and the OfI piloting an approach in the Liverpool City Region and the North East Combined Authority to connect their regions to central government and industry expertise in order to unlock private investment. Science Minister, Lord Patrick Vallance said: “The UK has all the ingredients to replicate the success of Silicon Valley or the Boston Cluster but for too long has been constrained by short termism and a lack of direction. “This government's Plan for Change will see an end to that defeatism. I look forward to working with local leaders to fulfil the Oxford-Cambridge corridor's potential by building on its existing strengths in academia, life sciences, semiconductors, AI and green technology amongst others. “Together we will build the infrastructure and partnerships needed to join up this region's academia, investors and business so that we can boost growth, deliver innovations and create new jobs that improve all our lives.” Transport Secretary Heidi Alexander said: “Well connected communities are a cornerstone for growth. East West Rail will not only provide better links and lasting benefits to Oxford and Cambridge, but to all the surrounding areas. “I'm also delighted to announce a brand new station at Tempsford, which will be game changing for the region – allowing a new community and businesses to grow, unlocking faster and smoother access to opportunities, and delivering on the Government's Plan for Change.” ENDS Notes to Editors
Stakeholder quotes
“The announcements today are extremely positive for the region and for the country. As Chair of the OxCam Supercluster Board, which comprises 45 members across business, academia, and investors, we know that the region has the potential to deliver truly remarkable growth in the coming decade and beyond, as evidenced by the research published this week. Achieving £78 billion in cumulative economic value by 2035 requires us to work dynamically and pro-actively across government, the private sector, educational institutions, and the investment community, to fully harness OxCam's strengths and address its weaknesses. With the experience and knowledge of Sir Patrick Vallance leading this effort, we are excited by the opportunity to co-design a policy prospectus that will allow the OxCam Growth Corridor to realise its potential as a global centre for science and innovation.”
“I welcome the Chancellor's drive to accelerate growth in the Oxford to Cambridge corridor and her support for strategic investments in enabling infrastructure. The region houses internationally acclaimed clusters of innovation in each of the growth sectors for the nation. Already one of the world's great science powerhouses, the region's full potential will rely on connecting its incredible ecosystems of businesses, places and communities. Investments announced today will spur more and will help local leaders to deliver on their ambitious plans for their communities.”
“This region hosts a great diversity and scale of universities. Together we offer a wide range of key contributions: globally renowned research brilliance, the powerhouse of skills provision provided by cutting edge teaching, world class knowledge transfer and commercialisation. Our universities, working in close partnership, in alliance with others - particular the private sector - are organised into the Arc Universities Group. We stand ready for the challenge. We welcome the oversight and experience that the leadership of Sir Patrick Vallance brings to the region, and we look forward to helping deliver the Chancellor's aspirations for growth.”
“We are proud to call Oxfordshire our home with the recent completion of construction of the Moderna Innovation and Technology Centre in Harwell. Today's announcement demonstrates the government's commitment to growth and innovation, and we look forward to delivering British-made vaccines to the UK public, advancing cutting-edge research, and strengthening partnerships in this globally significant region.”
“The UK is a global leader in biotech innovation and attracts the most venture capital in Europe. New figures we've published this week show that biotech is a vibrant growth sector of the UK economy with an exceptional ability to attract global investment. Delivering the infrastructure needed to support the growth at pace – especially in the Oxford Cambridge growth corridor- is key to the success of our sector. Background on measures
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