Chancellor Rachel Reeves has announced an investment package worth half a billion pounds will be put towards delivering growth in the Oxford-Cambridge corridor as the government looks to position the region as the centre of global innovation.
The funding will in part go towards expanding infrastructure in the area, including new homes and a reopened Cowley railway line, in line with previously announced government plans to deliver East West Rail to link up the hubs within the corridor.
The Treasury said this investment, alongside support from the private sector, will turn the Oxford-Cambridge corridor into “Europe’s Silicon Valley”.
“Oxford and Cambridge are home to the two of the best universities in the world, two of the most intensive innovation clusters in the world, and the area is a hub for globally renowned science and technology. Yet thanks to years of underinvestment, they still lack the public transport, affordable housing, and infrastructure they need. That changes under this government,” said Reeves.
“By choosing investment and renewal over chaos and decline, we’re boosting growth and building an economy that works for working people.”
The public funding announcement comes as the Ellison Institute of Technology, a research group founded by billionaire Larry Ellison, announced a £10bn expansion of its Oxford location, with a projected 7,000 jobs to be created.
“We’re delighted to hear the Cowley Branch Line will be reopened to passenger traffic. It’s a great example of what can happen if government and the private sector join forces and both contribute to a common goal,” said Lisa Flashner, chief operating officer at the Ellison Institute of Technology.
“It will help us attract world-class talent to EIT by linking up key innovation hubs with Central London via direct train services. It will also facilitate a closer alliance between EIT and Oxford University with faster journey times.”
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