Chancellor Rachel Reeves thinks the Oxford-Cambridge Growth Corridor “has the potential to be Europe’s Silicon Valley”, amidst strategies to open the possibility of the arc that might amount to ₤ 78bn to the UK economic situation.
In a speech in Oxfordshire on Wednesday, Reeves is anticipated to state she will certainly go “further and faster” to kick-start the economic situation.
She will certainly state that Britain’s economic situation has “huge potential” and goes to the “forefront of some of the most exciting developments in the world, like artificial intelligence and life sciences.”
The chancellor is anticipated to state: “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.
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“It has the potential to be Europe’s Silicon Valley. The home of British innovation.”
The federal government’s tactical strategy for the arc centres on enhancing transportation web links and real estate advancement in between both cities.
As component of the campaign, Reeves will certainly introduce that the Environment Agency has actually raised its arguments to a significant advancement aroundCambridge This will certainly lead the way for 4,500 brand-new homes, in addition to colleges, recreation centers, and workplace and research laboratory room in the Cambridge city centre.
She will certainly additionally verify brand-new financing for transportation upgrades, consisting of East-West Rail solutions attaching Oxford and Milton Keynes, readied to introduce this year, and enhancements to the A428 to decrease trip times in between Milton Keynes and Cambridge.
“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,” she will say.
“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.”
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This strategic focus on high-productivity areas forms part of the government’s broader effort to stimulate economic growth.
In addition to the transport and housing developments, Reeves will reveal a new Growth Commission for Oxford, inspired by Cambridge’s model, which will explore ways to unlock and accelerate growth in the city and surrounding area.
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