Initiative has potential to add £78bn in GDP to UK economy
The government has pledged to work with a group of businesses to double the economic output of the economy of the Oxford-Milton Keynes-Cambridge region by 2035.
The announcement of the plan, which has been welcomed by firms working in the development and construction of life sciences buildings, has been “inspired” by the science clusters of Boston and San Francisco in the US.
Fast-tracking growth plans for the region, through measures such as planning reforms, would add £78bn of GDP to the UK economy by 2035, according to research by consultancy Public First for the Oxford-Cambridge Supercluster Board, which comprises industry and university leaders.
Big projects in the Oxford-Cambridge arc, alongside life sciences work, include 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.”
The Oxford-Cambridge Supercluster board consists of 45 organisations, including universities, pharmaceutical companies, software and cybersecurity firms, developers and investors.
Simon Carter, chief executive of British Land, which sits on the board, welcome the renewed focus on Oxford-Cambridge.
Carter said: “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.”
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.”
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