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Rachel Reeves has announced a £500 million investment package for new homes and stronger transport links between Oxford and Cambridge as part of a bid to create “Europe’s Silicon Valley” in southern England. The Cowley Branch railway line in Oxford will reopen with new stations in Littlemore and Cowley, which the Treasury said would support up to 10,000 new jobs. The investment will also go towards the development of affordable homes in Cambridge, with plans to launch a consultation on forming a new centrally led development corporation to support the growth of the city. The Cambridge Growth Company, which was established by the Government and brings together local leaders, communities and industry, will begin recruiting for a new chief executive. Its aim is to develop proposals for housing, transport, water and other infrastructure in the Greater Cambridge region. Research facility the Ellison Institute of Technology announced a £10 billion expansion of its Oxford base over the next decade, which is expected to create around 7,000 jobs. The Treasury said private sector backing along with “up to £400 million” in initial Government funding “will help make the Oxford-Cambridge corridor Europe’s Silicon Valley”. The Treasury hopes the investment will boost the UK’s stuttering economy, saying it will “unlock the potential” of the “corridor” between the cities which are home to two of Britain’s top universities. Ms Reeves has pinpointed the area, along with other parts of southern England, as central to her search for growth, with a series of major projects announced earlier this year. The Chancellor says the corridor could add £78 billion to the UK’s economy by 2035 and has committed to funding for the East-West rail link joining Oxford, Cambridge and towns like Bedford and Milton Keynes that sit between them. Her plans have sparked concerns among some Labour MPs in the north of England, who have warned against too narrow a focus on wealthier areas in the south. Ms Reeves said the Government had “massive ambitions” for the corridor and criticised “years of underinvestment” in Oxford and Cambridge, which she said still lack the infrastructure they need. “That changes under this Government,” the Chancellor said. “By choosing investment and renewal over chaos and decline, we’re boosting growth and building an economy that works for working people.” Science minister Lord Vallance said the investments were a milestone “not just for the Oxford to Cambridge Corridor, but for the entire country.” “This region has all the ingredients to be the UK’s answer to Silicon Valley or the Boston Cluster,” he said.
