Marking a significant step in the government’s growth mission, the Department for Science, Innovation and Technology, together with some of the sector’s leading FTSE 100 and privately owned companies, investors, and Britain’s top universities, have welcome a plan to double the economy of the Oxford-Milton Keynes-Cambridge region by 2035.
Secretary of State for Science and Innovation Rt hon Peter Kyle and Minister of State for Science, Research and Innovation Lord Vallance confirmed their commitment to growth in the UK’s most strategically important region for science and technology, working with the Oxford-Cambridge Supercluster Board to explore their plans.
Projections from the Oxford-Cambridge Supercluster Board estimate that fast-tracking the region’s growth through policy interventions like reforming the planning system would add an estimated £78 billion cumulative GDP to the UK economy by 2035. This is equivalent to funding the national New Hospital Programme, the country’s biggest hospital building programme in a generation, more than three times over.
The Oxford-Milton Keynes-Cambridge corridor represents one of the world’s most influential regions for science and technology, which already contributes over £40bn to the UK economy, with world-leading levels of patents and scientific publications per capita. Currently accounting for seven percent of total UK GDP, the region is responsible for some of the world’s most significant scientific breakthroughs including the structure of DNA, in-vitro fertilisation 9ivf0, the invention of penicillin and green hydrogen, as well as monoclonal antibodies and ultra-thin solar cells to generate renewable electricity over a wider surface area.
Peter Kyle, Secretary of State for Science, Innovation and Technology said: “The Oxford-Cambridge Arc is already an engine of prosperity, and a shining example of how universities, investors and innovative businesses can work together to drive growth, when they create and seize the opportunities offered by breakthroughs in science and technology. But together, we can go even further. We are determined to unleash R&D as a driving force in our mission to grow the economy in every corner of the country, under our Plan for Change. I look forward to working with leaders across the OxCam region to explore how they plan to bring their exciting ambitions to fruition, and how we can replicate their success across the country.”
Stuart Grant, CEO of ARC (Advanced Research Clusters) said: “We are committed to investing over £1 billion in the OxCam economy to develop world-class campuses that will empower innovators and changemakers. The region’s potential is truly extraordinary, but unlocking this potential demands a strategic, comprehensive approach that bring together government, industry, and academic leaders. I believe we can create an ecosystem that not only drives scienitific breakthroughs but also position the OxCam region as a global beacon of innovation and economic transformation.”