To become a top 10 global innovation cluster: this is the vision for the Oxford Cambridge Growth Corridor that was unveiled last week.
This shared strategic ambition was set out at the Creating a Scientific Superpower conference which brought together senior figures from government, industry, academia and investment to explore how the UK can maximise its potential as a globally competitive scientific powerhouse.
‘The Oxford to Cambridge region already contains many of the ingredients found within the world’s leading innovation ecosystems: globally recognised universities, pioneering science and technology businesses, exceptional talent and strong investor interest,’ said Andy Williams, Chair of the Oxford–Cambridge Supercluster Board.
The framework’s objectives for the region will unlock £78 billion of cumulative GVA by 2035, delivering 160,000 additional jobs and attracting £105 billion of additional venture capital investment.
Professor Irene Tracey, CBE, Vice-Chancellor of the University of Oxford, emphasised the region’s academic and business achievements: ‘Oxford and Cambridge have a rich history of producing discoveries that change lives, create industries and drive economic growth. This vision sets out our collective determination to…create the environment and conditions for the many companies we launch to stay and grow successfully within the UK rather than move abroad.’
She set out the work already underway in Oxfordshire, through Equinox (Equitable Innovation Oxford), the developments at Oxford North, Begbroke and the Oxford Science Park, and innovation partnerships with the Ellison Institute of Technology as well as Cambridge, Liverpool, Birmingham and other research-intensive UK cities.
The innovation supercluster will boost economic growth and strengthen UK productivity, accelerating end-to-end innovation within a complete integrated ecosystem. The vision also recognises that growth must be sustainable, inclusive and focused on improving outcomes for people and places across the region.
A key resolution was to accelerate the East West Rail project that will connect the two cities. Others were to unlock water capacity restraints in the Anglian Water area, propelling development of up to 18,000 new homes, and the formation of a Development Corporation for Cambridge. A new £1.3 billion Universal Studios resort near Bedford was also announced.