Chancellor Rachel Reeves has announced plans to boost Cambridge’s economy with new housing and transport projects, aiming for significant growth by 2035.
In her speech, she highlighted the area’s potential to become Europe’s Silicon Valley. She made these announcements in Oxfordshire, emphasizing the need for growth in this region.
One key point is that the Environment Agency has lifted its objections to 4,500 new homes in Waterbeach. This change comes after addressing water scarcity concerns. The Beehive Centre redevelopment in Cambridge is also moving forward, with plans for office and lab space.
Funding for the East West Rail project was confirmed, which will create a new rail link between Oxford and Cambridge. Upgrades to the A428 are also planned to cut travel times between Milton Keynes and Cambridge.
Reeves pointed out that Oxford and Cambridge are just 66 miles apart and home to two top universities. The area is a hub for renowned science and tech firms, making it ripe for growth.
However, she noted that travel between the two cities takes too long, and there’s a lack of affordable housing. She stressed the need for a systematic approach to attract and grow businesses in the region.
The OxCam Arc project was initially launched in 2003 but was dropped in 2021. Reeves is determined to revive it, working with the Deputy Prime Minister to unlock the corridor’s potential.
Sir Patrick Vallance has been appointed as the Oxford-Cambridge Growth Corridor Champion. He aims to provide leadership to ensure the government’s goals are met. He believes the UK can replicate the success of Silicon Valley with the right direction.
The government also approved Cambridge Water’s management plan, unlocking £7.9 billion for water infrastructure improvements over the next five years. This includes plans for nine new reservoirs, supporting community development in the corridor.
