- Chancellor set to double funding for Oxford–Cambridge
corridor in move to make it UK's “Silicon Valley”.
- Funding will unlock new homes, labs and transport,
as part of plans to deliver good jobs, housing and
connectivity.
- Proposals for a development corporation
for Greater Oxford,
with more resources and better
coordination to unlock the area's potential,
speeding delivery and reinvesting growth locally.
People who live and work in the Oxford to Cambridge Growth
Corridor are set to benefit from additional investment helping to
bring forward development and infrastructure, as
the Chancellor sets out the next steps in her economic today.
Reeves is expected to double funding for the OxCam corridor, with
up to £800 million now available for buying new land and building
infrastructure to kickstart development around Oxford
and Cambridge, backing new homes, labs and
workspaces to supercharge future growth.
Where landowners are blocking or insist on unreasonable demands,
land can be acquired using compulsory powers – either directly,
or by standing with local leaders. This will ensure progress can
move at pace to let loose the potential of those cities and the
towns between them.
Chancellor of the Exchequer, , said:
We're building corridors of growth and flinging open the doors of
opportunity for every part of Britain.
From the great northern cities to
the cutting edge labs of Oxford and Cambridge, we
are betting on Britain's regions to power the next wave of
innovation and growth.
We are not repeating mistakes of the past. This is the right
economic plan in an age of uncertainty.”
The Chancellor is also expected to share plans for a new
Development Corporation for Greater Oxford, slashing burdensome
red tape to regenerate the area, to boost jobs and growth.
Development corporations have a history of transforming local
areas - including in Canary Warf, and Stratford where the London
Legacy Development Corporation regenerated the area and delivered
the 2012 Olympic and Paralympic Games in East London.
It follows the launch of a consultation on a Greater Cambridge
Development Corporation earlier this year and would mean both
cities can plan and deliver growth more effectively.
Development Corporations are focused on speeding up major
development and regenerating key sites to bringing in new
investment to boost homes, jobs and growth.
This bolsters the government's ambition to make the corridor the
Silicon Valley of Europe, the global hub for advanced
manufacturing, AI and life sciences, boosting the UK's economic
growth.
Dan Thorp, CEO of Cambridge Ahead, said:
Cambridge, the UK's most innovative city, can deliver the
breakthroughs, companies, and jobs that drive UK growth and
productivity.
Our members, the city's leading employers, tell us that
Government backing and investment are vital tailwinds that
support this ambition - and today's announcement of further
funding is very good news.
The focus now must be on turning ambition into action, investing
wisely and at pace, and ensuring Cambridge remains one of the
world's best places to do business, live and work.
Whether it's OxCam or the Northern Growth Corridor, clusters in
different regions are connected by innovation, and it is welcome
that Government sees this so clearly. The Government's backing
will create a ripple-effect of innovation, jobs, and growth
across the UK.
Andy , Chair of the Supercluster Board
said:
Establishing a new development company in Oxford alongside
further support for Cambridge's Growth Company, is exactly the
kind of sustained focus needed to unlock the full potential of
the region. Combined with a single investment and promotion offer
for the corridor, it creates the conditions that will support the
region's potential £78bn in additional GVA by 2035.
It is encouraging to see government backing this major
opportunity for UK plc, while strengthening the growing links
between OxCam, the North West and the UK's wider innovation
economy.
, Mayor of Cambridgeshire and
Peterborough, said:
Working with government, we have a real opportunity to unlock the
full potential of the Oxford to Cambridge Growth Corridor.
Our Local Growth Plan sets out how Cambridgeshire and
Peterborough will play its full part — backing innovation,
improving infrastructure, and making sure growth delivers for
residents.
My priority is simple: to make our area healthier, wealthier, and
happier, and this investment helps us get there faster.
