Chancellor plans regeneration body in bid to create British Silicon Valley
Rachel Reeves reportedly wants to transform the Oxford-Cambridge corridor
A 2012 Olympics-style regeneration initiative will be launched in Oxford to help transform its shared region with Cambridge into Britain’s answer to Silicon Valley, Rachel Reeves will reveal.
The Chancellor is expected to announce plans for a Greater Oxford development corporation in the coming week.
A similar development corporation for Cambridge was launched earlier this year.
The authorities will help the two university cities and their surrounding regions build new infrastructure as the Government aims to boost economic growth across the area.
Ms Reeves is expected to announce the Greater Oxford development corporation ahead of giving this year’s Mais lecture, a speech which will reportedly focus on the Government’s growth mission.
The so-called Oxford-Cambridge corridor is one of the only UK regions outside of London which is a net contributor to Britain’s economy.
Ministers hope they can spark further economic growth by supporting the technology, manufacturing and research sectors in the area between the two university cities.
New house building and transport links between Oxford, Cambridge, and other major settlements like Milton Keynes and Bedford, are among the measures which are being slowly rolled out to achieve this.
The Chancellor will back the two development corporations by doubling the funding available to buy land and build infrastructure, from £400 million up to £800 million.
A Government source said: “Our plans for the Oxford-Cambridge corridor are ambitious. The prize on offer is to have the Silicon Valley of Europe here in Britain – bringing more jobs and more vibrant places to live.
“We have the right economic plan and this week the Chancellor will set out how the regions are crucial to the next decade of growth.”
Development corporations have previously been used to spearhead major regeneration projects in Britain, including the Olympic Park in Stratford, east London.
They have however been criticised as undemocratic and unaccountable, as they take planning powers away from local councils.