Working people will benefit from thousands of new jobs, affordable homes and more opportunities as the Chancellor announces a half a billion pound investment package to deliver growth in the Oxford to Cambridge Corridor and cement its status as a global innovation hub.
As part of the government’s drive on growth, the ambitious package will unlock the potential of the Oxford to Cambridge corridor - supporting communities and businesses with new jobs, homes and investment.
Up to £400 million of initial government funding will kickstart development in Cambridge with affordable homes, infrastructure and business expansion. In Oxford the Cowley Branch railway line will reopen with new stations at Littlemore and Cowley - connecting people to jobs, homes and opportunity.
These investments build on government’s commitment to deliver East West Rail, which will strengthen links between Oxford and Cambridge, Milton Keynes, Bedford and beyond.
The funding comes as world-leading research and development facility, the Ellison Institute of Technology, announces a £10 billion expansion of its Oxford base over the next decade - creating 7,000 jobs and putting Oxford at the forefront of global scientific research.
Together this government and private sector-backed boost will help make the Oxford-Cambridge Corridor Europe’s Silicon Valley - building on a decade of work that has delivered 43,000 jobs, £27.5 billion of investment and seen the cities ranked as the top two innovation engines in Europe.
The Chancellor of the Exchequer, Rachel Reeves said: “Oxford and Cambridge are home to the 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. Yet thanks to years of underinvestment, they still lack the public transport, affordable housing, and infrastructure they need. That changes under this government.
“We have massive ambitions for the Oxford-Cambridge corridor, that’s why we’re reopening the Cowley Branch railway 60 years after it closed, why we’re building more affordable housing and investing in business, and how we’ve been able to unlock £10 billion in private investment. By choosing investment and renewal over chaos and decline, we’re boosting growth and building an economy that works for working people.
Science Minister and Oxford-Cambridge Innovation Champion, Lord Vallance, said: “These investments are a milestone, not just for the Oxford to Cambridge Corridor, but for the entire country. We are going to deliver the housing, amenities and infrastructure that businesses need to grow and that people need to flourish.
“This region has all the ingredients to be the UK’s answer to Silicon Valley or the Boston Cluster: somewhere that turns world-class innovation into economic growth the whole nation benefits from. Today is proof we’ll back the OxCam region to fulfil its enormous potential.”
Housing and Planning Minister, Matthew Pennycook said: “This government is putting its money where its mouth is to realise the full potential of Greater Cambridge. The funding we have allocated will provide the Cambridge Growth Company and a future delivery vehicle with capital needed to unlock key sites, remove barriers to sustainable growth and ramp up housebuilding in the years ahead to the benefit of existing communities in Greater Cambridge and the UK economy as a whole.”
The growth package will deliver a wave of investment, including £15 million for the University of Cambridge Innovation Hub to create lab space for science start ups to grow and compete on the global stage.
This builds on the Oxford–Cambridge Growth Corridor investment prospectus, unveiled at this week’s Regional Investment Summit, which outlines opportunities to unlock worldwide investment and comes as the Chancellor prepares to promote British investment opportunities at the Future Investment Initiative Summit in Saudi Arabia next week.
