Chancellor announces Oxford-Cambridge Growth Corridor

City of Westminster sign.

Chancellor Rachel Reeves is set to unveil her plans to kickstart the economy in her new plans to deliver the Oxford-Cambridge Growth Corridor that will boost the economy by up to £78 billion by 2035.

She will deliver a speech in Oxfordshire today that will outline her ambitious plans for economic growth, including backing the redevelopment of Old Trafford and reviewing the Green Book to better support public investment decisions.

Reeves’ speech follows her announcement of a new approach for the National Wealth Fund (NWF) and the Office for Investment (OfI) last week, which will work with local leaders to build the foundations for strong investment in the future and develop projects directly linked to regional growth priorities. 

In her speech, the Chancellor will announce the lifting of the Environment Agency’s restrictions to development around Cambridge, unlocking the potential of building 4,5000 new homes as well as community spaces such as schools, leisure facilities, and a laboratory space in Cambridge City Centre. Moreover, the government has agreed for water companies to provide £7.9 billion investment to improve water infrastructure and build nine new reservoirs.

Funding will be confirmed towards better transport links such as funding for the East-West Rail, as well as prioritising the development of a new Cambridge Cancer Research Hospital.

A key part of her growth strategy includes developing new and expanded communities in the Oxford-Cambridge Growth Corridor, as well as supporting a large science and technology innovation hub in the centre of Cambridge. A similar hub will be strategised in Oxford, and Sir Patrick Vallance is expected to be appointed as Oxford-Cambridge Growth Corridor Champion to see this project through.

On the Oxford-Cambridge Growth Corridor, 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 places 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."

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