A group made up of businesses, investors and universities said unlocking potential growth could benefit the UK by as much as £50bn per year by 2030.
The Oxford-Cambridge Supercluster Board, external said in a report, external the region could add billions of pounds to the economy.
It said the “first essential” was to join Oxford and Cambridge by rail.
The report hailed the area as having “unmatched density of research, scientific talent and global enterprise” which currently contributed about 7% of UK’s GDP.
“However, the constrained scale of the cluster presents a significant hurdle to greater productivity gains,” it said.
“We believe that with the right reforms, the UK can cultivate the champions of advanced industry and capitalise on its scientific expertise on the world stage.”
The report added that unlocking growth for the region would lead to “extensive, direct, and spillover effects across the whole country.”
The report proposes a number of “critical policy areas”, including:
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Accelerate the delivery of lab space through the introduction of an ‘innovation-use’ class
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Improve research and development (R&D) incentives and permit permanent top-up tax relief for new-to-market R&D
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Work with universities to support spinouts, and with industry to ensure start-ups have access to the finance they need to grow
The report says the the Oxford-Cambridge region has a “higher per capita share of graduates than San Francisco” and the “highest share of citations in scientific publications” than any other global science cluster.
“With the right strategy, the Oxford-Cambridge region can go from being a remarkable ‘per-capita’ growth success story, to become a supercluster on a globally significant scale,” adds the report.
“It is first essential to join Oxford, Cambridge, and the places in between with East West Rail (EWR), as that is the only way to create the critical mass necessary for the region and the UK to compete globally.
“Our research indicates that the region has the potential to add an additional £50bn per year to the economy by 2030.”
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