Extra funding for Oxford-Cambridge growth corridor

The government has announced up to £800 million of new funding for buying new land and building infrastructure to kickstart development around Oxford and Cambridge.

Land can be acquired using compulsory powers - either directly or by standing with local leaders.

Plans for a new Development Corporation for Greater Oxford are also expected to be announced. A Greater Cambridge Development Corporation was announced earlier this year.

Chancellor of the Exchequer, Rachel Reeves, 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.”  

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."