- Secretary of State for Science, Innovation and Technology Rt Hon Peter Kyle and Minister of State for Science, Research and Innovation Lord Patrick Vallance, together with UK plc giants including AstraZeneca, Airbus, and AVEVA, and Britain’s top universities commit to “realising the full potential” of the Oxford-Cambridge region.
- Projections from Oxford-Cambridge Supercluster Board and research consultancy Public First estimate that fast-tracking the growth of the Oxford-Cambridge region through policy interventions would add £78bn cumulative GDP to Britain’s economy by 2035, equivalent to funding the national New Hospital Programme three-times over, as well as doubling the region’s long-term growth trajectory.
- “Scientific superpower” ambition back on the table as Britain’s top universities also join calls to reverse the brain drain from the UK, through investment in homegrown talent development and by attracting the best and brightest from around the world.
- OxCam as the centrepiece of UK science and innovation to be powered by private capital creating over 100,000 new high-skilled jobs, kickstarting Chancellor’s drive to go “further and faster” in search for untapped growth opportunities.
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 including AstraZeneca, GSK, Airbus and AVEVA, investors, and Britain’s top universities, have welcomed a plan to double the economy of the Oxford-Milton Keynes-Cambridge region by 2035.
In a meeting with industry chiefs today, Secretary of State for Science and Innovation Rt Hon Peter Kyle and Minister of State for Science, Research and Innovation Lord Vallance confirmed their steadfast 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, which represents many of the largest investors in UK science and technology, and research consultancy Public First 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.
Powered by private capital and infrastructure investment including the delivery of East West Rail and an expanding Luton Airport, the commitment – which follows the Government’s recently announced AI Opportunities Action Plan – puts the UK’s ambition to become a global scientific superpower firmly back on the table, including through the creation of 100,000 high-skilled jobs. It comes as the region’s universities join the call to reverse a so-called “brain drain” away from Britain by nurturing homegrown talent and attracting the best and brightest from across the globe.
Also supporting the pledge were some of the 45 members of industry body the Oxford-Cambridge Supercluster Board, which counts among its ranks leading industry players including AstraZeneca, Airbus, AVEVA, Oxa, an international developer of autonomous vehicle software, and Cambridge-headquartered global leader in AI cybersecurity Darktrace, alongside the region’s globally renowned universities and international investors and advisors such as Prologis, ARC, Pioneer, Bidwells, British Land and Mission Street.
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 (IVF), 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.
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