Chancellor backs plans to boost Oxford-Cambridge growth

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Chancellor backs plans to boost Oxford-Cambridge growth

Chancellor Rachel Reeves has unveiled a series of measures aimed at boosting the so-called Oxford-Cambridge Arc as Europe’s Silicon Valley.

She said Oxford and Cambridge offer huge economic potential for the nation’s growth prospects. According to research from Public First for the

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, Oxford, Cambridge and Milton Keynes combined already contribute £42bn to the *** economy. Public First noted that by 2050, 403,000 skilled workers will be required to fulfil growth in high-knowledge industries. Its forecast to grow the region’s impact shows that housing these people will require 371,000 new homes.

As part of the government’s AI [artificial intelligence] opportunities action plan, unveiled earlier in January, the first AI growth zone will be set up in Culham, Oxfordshire.

The Chancellor announced a “call for expressions of interest” from regional and local authorities and industry to inform the next stage of the AI growth zones programme. The government hopes this will help to establish opportunities and inform the next stage of the programme, which it positions as a key area.

But Oxford and Cambridge are 66 miles apart, and housing is extremely expensive. “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,” she said. “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.”

The Environment Agency said it has lifted its opposition to new development around Cambridge (Waterbeach and the Beehive Centre) for the development of 4,500 new homes. The plan is to provide community spaces such as schools and leisure facilities, as well as office and laboratory space in Cambridge’s city centre. 

To improve transport links, Reeves announced that plans for an East Coast Mainline station in Tempsford will be accelerated by three to five years. The station will link services directly to London, with services in under an hour, and will eventually be an interchange with the East West Rail station.

There is also a road improvement scheme that will see a 10-mile dual carriageway delivered, as well as three grade-separated junctions – three-tier at ****** Cat roundabout (A1/A421) and two-tier at Cambridge Road (B1428) and Caxton Gibbet (A428/A1198). Main construction began in December 2023, and the road is expected to open in 2027.

Science minister Patrick Vallance said: “The *** has all the ingredients to replicate the success of Silicon Valley or the Boston Cluster, but for too long has been constrained by short-termism and a lack of direction.

“This government’s plan for change will see an end to that defeatism,” he said. “I look forward to working with local leaders to fulfil the Oxford-Cambridge corridor’s potential by building on its existing strengths in academia, life sciences, semiconductors, AI and green technology amongst others.”

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