Government confirms its commitment to the Oxford to Cambridge corridor as a pillar of its growth strategy
It has been an important week for Oxfordshire as Government has confirmed its commitment to support the development of the Oxford to Cambridge corridor as Chancellor, Rachel Reeves gave a major speech on Government’s growth mission in Oxfordshire today, 29th January, 2025.
Chancellor of the Exchequer’s speech
Speaking at Siemens Heathineers, the Chancellor identified changes to the planning laws, extension of EIS and SEIS schemes, and her determination to make the UK the best place in the World to invest. She also identified the need for investment into transport infrastructure and the development of a new industrial strategy as key drivers.
Rachel Reeves set out further detail for plans for the region.
Oxford and Cambridge offer huge potential for our nation’s growth prospects…. This area has the potential to be Europe’s Silicon Valley.
She identified the need for a systematic approach to attract businesses to come here and to grow here, focusing on housing and transport and the opportunity to unlock the potential of the Oxford-Cambridge Growth Corridor. This included a commitment to East – West Rail and proposals for new towns along the rail route. She stated that water infrastructure has also been a major hindrance to development.
She referenced Moderna who have now completed the build for their new vaccine production and R&D site in Harwell, alongside a commitment to invest a further £1 billion in the UK, and the creation of a new AI Growth Zone in Culham to speed up planning approvals for the rapid build-out of data centres.
In the speech, the Chancellor announced that she and the Deputy Prime Minister have asked Lord Patrick Vallance to be the champion for the Oxford Cambridge Growth Corridor. She also stated that there will be a new Growth Commission for Oxford, which will help to accelerate growth in the city and its surrounding area.
Oxford – Cambridge Supercluster Board presents economic case for the region to Government
Rachel Reeves’ speech came shortly after the Oxford – Cambridge Supercluster Board’s meeting with Secretary of State for Science and Innovation Peter Kyle, and Lord Vallance, which took place on Monday, 27th. Advanced Oxford sits on the Board, represented by Managing Director, Sarah Haywood. Oxfordshire was represented at the meeting by some of our members: Oxa, Harwell Campus and University of Oxford.
Marking a significant step in the government’s growth mission, the Department for Science, Innovation and Technology, together with some of the sector’s leading FTSE 100 and privately owned companies including AstraZeneca, GSK, Airbus and AVEVA, investors, and Britain’s top universities, have welcomed a plan to double the economy of the Oxford-Milton Keynes-Cambridge region by 2035.
In the meeting with industry chiefs, Secretary of State for Science and Innovation Rt Hon Peter Kyle and Minister of State for Science, Research and Innovation Lord Vallance confirmed their steadfast commitment to growth in this strategically important region for science and technology, working with the Oxford-Cambridge Supercluster Board to explore their plans.
Projections from the Oxford-Cambridge Supercluster Board, which represents many of the largest investors in UK science and technology, and research consultancy Public First, estimate that fast-tracking the region’s growth through policy interventions like reforming the planning system would add an estimated £78 billion cumulative GDP to the UK economy by 2035.
Commenting on the speech and the Supercluster Board meeting, Sarah Haywood said, “It is good news that the region, and the Oxford to Cambridge corridor, have been recognised for their role, and the potential to add even more to the economy of the UK through improved investment and infrastructure. There are a number of key issues which need to be addressed to support growth of our science, technology and innovation economy, many of which were referenced in the Chancellor’s speech today: transport, housing, power, water, waste water, skills. These are all issues which concern Advanced Oxford, our membership and the wider community of science and technology businesses across Oxfordshire. I am particular pleased to see that the work of the Supercluster Board has been instrumental in garnering Government support and I welcome the appointment of Lord Vallance as a Government lead for the Oxford to Cambridge area. I look forward to hearing more about the Growth Commission for Oxford and the surrounding area. It will be important that the place, assets and companies from across the whole county are considered in this work. Advanced Oxford is well placed to support this Commission, given our role in connecting and convening the innovation-based business, organisations and institutions across the region. We already have a strong evidence base relating to the drivers of growth and we look forward to hearing more about the plans for the Commission.”
