Today marks a landmark moment for Cambridge, the wider region, and the future of UK innovation. The Government has announced more than £400 million of new investment to accelerate growth, regeneration and infrastructure across the Cambridge city region, alongside major commitments throughout the Oxford–Cambridge Growth Corridor.
This represents a clear signal of long-term Government commitment to Cambridge’s growth and to the newly established Cambridge Growth Company, which will play a central role in delivering sustainable expansion, jobs, and housing.
These announcements are fully aligned with the advocacy of the business and civic community, who have long called for decisive national leadership to unlock the city’s and region’s full economic potential.
Key announcements for Cambridge and the wider region
- Up to £400 million of initial Government funding to accelerate regeneration, housing, and business space in Greater Cambridge
- £15 million cornerstone investment for the University of Cambridge Innovation Hub, creating new lab space for science start-ups and scale-ups
- Ongoing commitment to East West Rail, strengthening transport links between Oxford, Cambridge, Milton Keynes, Bedford, and beyond
- Consultation on a new, centrally led Development Corporation to support coordinated, long-term growth in Cambridge.
Together, these measures will unlock new homes, jobs, and investment opportunities while ensuring Cambridge remains a global leader in innovation and sustainability.
National investment in the Oxford–Cambridge Growth Corridor Across the corridor, Government and private partners have pledged over £500 million in new investment for housing, infrastructure, and business space helping to cement the region’s reputation as Europe’s leading innovation supercluster.
The funding builds on a decade of growth that has already delivered 43,000 new jobs, £27.5 billion of investment, and recognition of Oxford and Cambridge as Europe’s top two innovation ecosystems.
The Chancellor, Rachel Reeves, said: “Oxford and Cambridge are home to two of the best universities in the world, two of the most intensive innovation clusters in the world, and the area is a hub for globally renowned science and technology. Yet thanks to years of underinvestment, they still lack the public transport, affordable housing, and infrastructure they need. That changes under this government.”
Science Minister and Oxford–Cambridge Innovation Champion, Lord Vallance, added:
“This region has all the ingredients to be the UK’s answer to Silicon Valley. Today is proof that we’ll back the OxCam region to fulfil its enormous potential.”
The creation of the Cambridge Growth Company represents a new model for driving local and national prosperity. Working with local leaders and Government, it will be empowered to deliver key interventions across infrastructure, housing, and innovation at pace and scale.
Charlotte Horobin, Chief Executive, Cambridgeshire Chambers of Commerce commented:
“This investment is a real vote of confidence in Cambridge and in the wider region’s business community. It will help deliver the homes, transport links and innovation space needed to support the companies that are driving national growth from right here in Cambridgeshire.
“The Chamber strongly supports this joined-up approach to growth and welcomes the opportunity to ensure that local businesses, from startups to global exporters, can benefit from the opportunities this creates.”
Coinciding with the funding announcement, new data released at the fourth annual Innovate Cambridge Summit highlights Cambridge’s position as the UK’s most investible hub for science.
According to a report from Beauhurst, Cambridge Enterprise, Innovate Cambridge, and Cambridge Innovation Capital, early-stage life sciences and deep tech companies in Cambridge have raised £7.9 billion since 2015 — the highest growth of any UK region outside London.
- International investors now participate in nearly 40% of all deals, up from 7% a decade ago
- The city’s innovation ecosystem has grown 80% since 2015, with over 850 active companies
- Cambridge leads all UK regions in life sciences investment, attracting £2.49 million per company, more than double Oxfordshire and 2.5x Greater London.
This growth is fuelled by global confidence in Cambridge’s innovation capacity, supported by 36 research parks, two world-class universities, five hospital trusts, and more than 5,000 knowledge-intensive businesses.
As the Employer Representative Body for the Cambridgeshire & Peterborough Local Skills Improvement Plan the Chamber looks forward to working with partners to put employers needs at the heart of the skills system.
Read the Government’s full announcement here:
Jobs, homes and better transport links for the Oxford–Cambridge Growth Corridor