A new report from tech and pharma giants including AstraZeneca, GSK and Airbus has showcased the extent growth has spread across the Oxford-Cambridge region – and the impact a lack of rail connections is having on investment.
Momentum around the ‘supercluster’ running from Oxford to Cambridge has long centred on high-growth tech and science companies in the two cities, but new data from the report The Economic Power of the Oxford-Cambridge Growth Corridor shows how Stevenage and Milton Keynes now go toe-to-toe with the university hubs.
The report is backed by 46 organisations including universities, listed companies and global investors like the Ellison Institute of Technology, Aveva, Bidwells, Leonardo, Silverstone and Darktrace. It urges chancellor Rachel Reeves to move quicker in order to propel growth by speeding up the delivery of infrastructure and homes.
While East West Rail is progressing plans for a new line linking Oxford and Cambridge via Milton Keynes and Bedford, business leaders warn that the project’s success now depends on the speed of the approvals process once the Development Consent Order (DCO) – which gives the government permission to build infrastructure – is submitted in 2027.
“Oxford and Cambridge are home to truly world class science – including major research institutions, globally-renowned universities, and outstanding hospitals,” says Shaun Grady, chair at AstraZeneca UK, which is based in Cambridge.
“Linking these centres of excellence with talent and scale-up facilities across the region will shorten innovation cycles and strengthen supply chains, helping to grow the UK’s high value, knowledge-intensive industries.
“East West Rail is vital infrastructure that will knit together labs, campuses and urban centres into a single labour market, building the future skills the country needs, driving economic growth and ensuring the UK benefits faster from scientific advances.”
The report recommends fast-tracking the approvals process for East West Rail as the critical enabler of the growth corridor by committing to an accelerated examination and decision timetable once the DCO is submitted.
It also encourages the establishment of a dedicated Oxford-Cambridge growth corridor governance structure. This would cover the whole region, with a single figurehead empowered to cut through red tape, align departments and maximise growth benefits across the central corridor that includes Bedford, Milton Keynes, Luton, Stevenage and key campuses.
The report urges the publication of the supercluster-wide strategy and spatial plan – a single, public blueprint that sets out which sites are prioritised for new homes, labs and workspace, and what supporting infrastructure is needed.
Businesses in Oxford, Cambridge and the central region between them generate £135bn in annual turnover and employ 570,000 people.