UK's Rachel Reeves setting up regeneration body for Greater Cambridge

(Alliance News) - The UK chancellor is setting up a dedicated body to deal with the regeneration of Greater Cambridge as part of plans to transform its shared region with Oxford.

The development corporation will be tasked with making sure transport and services are built alongside new homes and bringing in millions in investment for the region.

It will also secure land for development and invest in key sites.

The government has already committed up to GBP800 million for development around Oxford and Cambridge and has launched a development corporation for Oxford.

Chancellor Rachel Reeves said: "Greater Cambridge is a powerhouse for regional growth – and we're unlocking its full potential as part of the Oxford-Cambridge Growth Corridor. We have the right economic plan – by working with local leaders to unlock stalled sites and invest in infrastructure, this development corporation will deliver homes, jobs and opportunity at scale, driving regional growth and supporting our science and innovation strengths in Britain."

Plans for development around Cambridge include building thousands of new homes, creating jobs, improving transport links and infrastructure and regenerating "long-stalled areas".

The so-called Oxford-Cambridge corridor is one of the only UK regions outside of London which is a net contributor to Britain's economy.

Ministers hope they can spark further economic growth by supporting the technology, manufacturing and research sectors in the area between the two university cities.

New house building and transport links between Oxford, Cambridge, and other major settlements such as Milton Keynes and Bedford, are among the measures which are being slowly rolled out to achieve this.

The Cambridge Growth Company has already been set up to work with local leaders.

That group's chairman said the development corporation would provide the "long-term certainty, status and co-ordination" needed to deliver infrastructure at scale.

Peter Freeman, chair of the company, said: "The real work begins now, and we are determined to deliver – making Greater Cambridge not only more economically vibrant, attracting world-class businesses, but more liveable, better connected and a place that genuinely works for all current and future residents."

By Helen Corbett, Press Association Political Correspondent

Press Association: Finance

source: PA

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