During a speech in Oxfordshire, Chancellor of the Exchequer Rachel Reeves unveiled her strategy to unleash the potential of the Oxford-Cambridge Growth Corridor by catalysing the growth of UK science and technology. The plan recognises the University of Cambridge as the world’s leading science and technological cluster by intensity, and its potential to rapidly build on the £30 billion contribution it already makes to the UK economy.
As part of the announcement, the Chancellor welcomed Cambridge’s proposal for a new large-scale innovation hub in the city centre:
“I am delighted that Cambridge University has come forward with plans for a new flagship innovation hub at the centre of Cambridge – to attract global investment and foster a community that catalyses innovation. As other cities around the world like Boston and Paris have done.”
Modelled on The Engine in Boston and Station F in Paris, the hub will be a hothouse to rapidly transform the best research ideas from across the UK into the companies of tomorrow.
Significant investment will also be made in transport and infrastructure across Cambridge and the wider Oxford-Cambridge Growth Corridor, as well as in securing water supplies and delivering new homes and associated community spaces such as schools, leisure facilities, and office and laboratory space.
Commenting on the speech and the importance of Cambridge as a partner in delivering UK growth, University Vice-Chancellor Professor Deborah Prentice said:
“It is great to see the Chancellor of the Exchequer recognising how Cambridge can help drive transformational growth for the UK. We welcome the Government's commitment to the vital infrastructure that will support sustainable growth across the region, and we are delighted to partner with the Government to establish a national innovation hub in the heart of this city. The hub will bring together brilliant tech and life sciences companies, entrepreneurs and investors in one location to deliver innovation at scale.”
The announcement follows an open letter to the Government from the University and Cambridge businesses at the start of the year that sets out the case for renewed support for a region with a proven track record and which stands ready to deliver economic growth.
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Reproduced courtesy of the University of Cambridge
