Unleashing Growth: Oxford-Cambridge Growth Corridor

Government's "Plan for Change"

Chancellor Rachel Reeves announced a bold initiative to accelerate economic growth through the Oxford-Cambridge Growth Corridor. Industry experts estimate the plan could boost the UK economy by up to £78 billion by 2035.

Unleashing Potential

The Chancellor highlighted the immense potential of the region, citing its world-renowned universities, innovation clusters, and leading-edge science and technology firms.

However, she acknowledged challenges such as limited housing affordability and infrastructure constraints that hinder economic growth.

Transformative Measures

The speech outlined several transformative measures to address these challenges, including:

• Removing objections to new developments in Cambridge, unlocking 4,500 new homes and associated community spaces.
• Unlocking £7.9bn investment in water infrastructure to improve water resources and support growth.
• Confirming funding for improved transport links, including East-West Rail and the A428 upgrade.
• Prioritizing the construction of a new Cambridge Cancer Research Hospital.
• Support for the development of new communities and an East Coast Mainline station in Tempsford.

Quote from the Chancellor

"Oxford and Cambridge offer huge economic potential for our nation's growth prospects. These investments show that for the first time a government is providing real leadership to deliver this project."

Investing in the Corridor

The Chancellor welcomed Cambridge University's proposal for a large-scale innovation hub in the city center. She also announced the establishment of a Growth Commission for Oxford and appointed Sir Patrick Vallance as Oxford-Cambridge Growth Corridor Champion.

Professor Alistair Fitt, Chair of Arc Universities Group, welcomed the Chancellor's initiative, stating, "Our universities are ready for the challenge." Darius Hughes, UK General Manager for Moderna, expressed pride in calling Oxfordshire home.

Additional Initiatives

The speech builds on the government's National Wealth Fund and Office for Investment initiatives, which aim to spur regional growth across the UK.

Expert Perspective

Lord Patrick Vallance, Science Minister, said, "This government's Plan for Change will end the defeatism that has constrained UK innovation. I look forward to working with local leaders to fulfill the Oxford-Cambridge corridor's potential."