The government has outlined plans to double the economy of the Oxford-Milton Keynes-Cambridge region by 2035.
The Department for Science, Innovation and Technology will work with FTSE 100 and privately owned companies, investors, universities and the Oxford-Cambridge Supercluster Board, to deliver on the government’s ambitious growth plans for the region.
Projections from the Oxford-Cambridge Supercluster Board 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 £78bn cumulative GDP to the UK economy by 2035.
The government’s plans will also be powered by private capital and infrastructure investment including the delivery of East West Rail and an expanding Luton Airport.
Peter Kyle, secretary of state for science, innovation and technology, said: “The Oxford-Cambridge Arc is already an engine of prosperity, and a shining example of how universities, investors and innovative businesses can work together to drive growth, when they create and seize the opportunities offered by breakthroughs in science and technology.
“But together, we can go even further. We are determined to unleash R&D as a driving force in our mission to grow the economy in every corner of the country, under our Plan for Change. I look forward to working with leaders across the OxCam region to explore how they plan to bring their exciting ambitions to fruition, and how we can replicate their success across the country.”
Shaun Grady, chair of AstraZeneca UK, added: “AstraZeneca’s £2bn contribution to the OxCam economy, driven by over 4,000 colleagues based in Cambridge and significant R&D investment, demonstrates the capabilities of the region. However, OxCam’s success is also integral to the UK’s overall scientific leadership. Strategic partnership with the government, as well as policy reform, will allow OxCam to become a world-leading scientific hub, attracting global investment, bolstering UK innovation, and creating a model for growth that benefits the entire nation.”
Andy Williams, chair of the Oxford-Cambridge Supercluster Board, said: “Today’s announcement is a significant milestone in the Supercluster Board’s ongoing mission to nurture and cultivate the talent in the OxCam region. Our members, which include some of the world’s largest investors, see extraordinary potential and in this commitment it is abundantly clear that the government does, too. We look forward to working with the Department for Science, Innovation and Technology to bring about monumental change in how we further develop the OxCam economy, enriching UK GDP and the public purse in the process.”
Simon Carter, chief executive of British Land, said: “I’m delighted that the secretary of state and has confirmed the government’s commitment to growth in this important region for science and technology. The anticipated investment will help accelerate our plans along the Oxford-Cambridge corridor, where we have schemes in design, planning and under construction that will deliver hundreds of homes and 10,000 innovation jobs, including at the Optic in Cambridge, where we are delivering a state-of-the-art innovation building for Arm.”
Richard O’Boyle, CEO of Pioneer Group, said: “The Oxford-Cambridge region is critical to the UK’s future as a science and innovation leader. To fully unlock its potential, we need investment, better infrastructure, and policies that support growth. The Mansion House 2.0 reforms are a great opportunity to drive more private capital into this high-growth region, helping turn world-class research into successful businesses and high-skilled jobs. With the right support, OxCam can be a major engine of UK economic growth.”
Stuart Grant, CEO of Advanced Research Clusters, added: “We are committed to investing over £1bn in the OxCam economy to develop world-class campuses that will empower innovators and changemakers. The region’s potential is truly extraordinary, but unlocking this potential demands a strategic, comprehensive approach that brings together government, industry, and academic leaders. I believe we can create an ecosystem that not only drives scientific breakthroughs but also positions the OxCam region as a global beacon of innovation and economic transformation.”
Paul Weston, regional head of Prologis UK, which recently announced a further £500m investment into UK life sciences facilities at Cambridge Biomedical Campus, said: “Prologis has been investing in the UK industrial logistics sector for over 25 years and is committed to supporting the Oxford Cambridge supercluster, OxCam Pan Regional economy, helping the UK achieve its ambitions of becoming a scientific superpower.
“Our investments at Cambridge Biomedical Campus and plans to support global life sciences companies and their supply chains in Oxford and Bedfordshire. are substantive examples of public-private partnership, right in the heart of UK life sciences and we are committed to delivering spaces that create jobs, drive innovation and support growth for the local and national economy.”
Nick Pettit, senior partner at Bidwells, said: “The investors we work with have the choice to deploy capital globally. That they select the OxCam region over others despite some difficulties with planning, or with procurement, reaffirms the unique opportunity investors see in the UK’s apex of science and technology, and the reality is that small policy changes are all it takes for this region to make an enormous difference to its contribution to national growth.”
Philip Campbell, commercial director at MEPC Milton Park, added: “Hot on the heels of the adoption of Milton Park’s new 4.2m sq ft Local Development Order (LDO) and simplified 10-day planning regime, we welcome the government’s decision to back the Oxford-Cambridge Arc. When combined with the necessary investment and policies to support growth, adopting a place-based approach to infrastructure requirements will be the most effective way to unlock the region’s extraordinary potential. Now is the time for the government to set the right foundations.”
