Rachel Reeves will tomorrow unveil plans to create ‘Europe’s Silicon Valley’ in the Oxford-Cambridge corridor.
The Chancellor is expected to announce a raft of policies to grow the region that could add £78 billion to the UK economy by 2035.
She will confirm funding towards an East-West Rail link between Oxford and Milton Keynes, and an upgrade to the road linking the Buckinghamshire city to Cambridge.
Ms Reeves is set to accelerate the development of a new East Coast Mainline station in Tempsford, Bedfordshire, as well as backing for the development of new towns along the Oxford-Cambridge corridor.
She will also announce that the Environment Agency has lifted its objections to a new development around Cambridge with 4,500 new homes, as well as office and laboratory space in Cambridge City Centre.
A new ‘Growth Commission for Oxford’ to review how to accelerate growth will be launched, and Sir Patrick Vallance will be appointed as ‘Oxford-Cambridge Growth Corridor Champion’.
The emphasis on the Oxford-Cambridge region marks a shift away from the Tories’ ‘levelling up’ agenda, in which resources were directed to the ‘left behind places’ in a bid to emulate the levels of prosperity and opportunity in London and the south east.
Instead, Ms Reeves will use a speech tomorrow to say Oxford and Cambridge offer ‘huge economic potential for our nation’s growth prospects’.
Rachel Reeves will unveil plans to create ‘Europe’s Silicon Valley’ in the Oxford-Cambridge corridor. The Chancellor is expected to announce a raft of policies to grow the region that could add £78 billion to the UK economy by 2035
The Chancellor is expected to confirm funding towards an East-West Rail link between Oxford and Milton Keynes, and an upgrade to the road linking the Buckinghamshire city to Cambridge (stock image)
A home in Tempsford. Ms Reeves is set to accelerate the development of a new East Coast Mainline station in Tempsford, Bedfordshire (stock image)
She is expected to say: ‘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 towns 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.’
Silicon Valley is a region in Northern California which is home to many of the world’s largest tech companies.
She will add: ‘Taken together, these announcements show that for the first time a government is providing real leadership to deliver this project with a clear strategy for the entire region backed by funding for the housing and infrastructure we so badly need.’
The Treasury said the announcements are designed to create the right conditions to increase investment in growth sectors including life sciences, artificial intelligence and advanced manufacturing.
