Businesses hope regeneration body builds on Cambridge 'success story'
The Government-backed group aims to spearhead growth in the city
A business group in Cambridge says decision-makers must be careful when it comes to helping the city grow.
The Government wants to create an organisation that aims to fast-track the likes of building of new homes and more jobs, as a public consultation on the move has now closed.
It comes as Chancellor Rachel Reeves has announced plans for a Greater Oxford development corporation as well as for Cambridge, in a bid to make the area Britain's 'Silicon Valley'.
"Cambridge is a success story and we should be celebrating this success and building on that, rather than saying 'it's going to get worse," Maria Manion, chief executive at Cambridge Business Improvement District (BID), said.
"I think more growth needs to be managed appropriately; our role with the businesses is to make sure the city provides the services for people to want to use the city and be their primary service centre."
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.
Ms Reeves said to help with this, she'd be doubling the funding available to help buy land and improve infrastructure between Oxford and Cambridge from £400 million to £800m.
"Investment should be a continuous cycle; there is a wealth of partnerships within the city that looks at how we promote and manage growth, and I think that works well," Maria added.
"We are a city of variety; we've got a great daytime and night-time economy, but our footfall is around 8-8.4 million a year, (and) most cities would love that."
Staying for longer
Cambridge BID - which represents around 1,000 businesses in the city - believes an extra £34m could be made available for BID firms if 10% more visitors stayed overnight in the area.
Maria believes that there should be more efforts into encouraging people to stay in Cambridge for longer and to contribute more to the local economy.
"People do spend in the city, but our day visit spend is probably lower than perhaps the national average," she added.
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.
'Ambition into action'
"Cambridge can deliver the breakthroughs, companies, and jobs that drive UK growth and productivity," said Dan Thorp, CEO of Cambridge Ahead, which represents major employers in the city.
"The focus now must be on turning ambition into action, investing wisely and at pace, and ensuring Cambridge remains one of the world’s best places to do business, live and work."
Paul Bristow, mayor of Cambridgeshire and Peterborough, welcomes growth for Cambridge but feels a corporation must not be "too much of a burden" for local people.
"If we can see a solution to some of our congested roads and if we can see a new future for Addenbrooke's Hospital as well, I think it will be an easier thing for local people to swallow if it comes with that sort of investment," Mr Bristow said.