Chancellor of the Exchequer announces Growth Commission for Oxford
28 January 2025, the Chancellor of the Exchequer announced new plans to deliver the Oxford-Cambridge Growth Corridor that will boost the UK economy by up to £78 billion by 2035, according to industry experts.
Part of the Government’s Plan for Change, plans include a Growth Commission for Oxford, inspired by the Cambridge model, to review how best we can unlock and accelerate nationally significant growth for the city and surrounding area.
Science Minister, Sir Patrick Vallance, has been appointed as the Oxford-Cambridge Growth Corridor Champion to ensure the ambitions are realised. Sir Patrick Vallance said:
The UK has all the ingredients to replicate the success of Silicon Valley or the Boston Cluster but for too long has been constrained by short termism and a lack of direction.
This government’s Plan for Change will see an end to that defeatism. I look forward to working with local leaders to fulfil the Oxford-Cambridge corridor’s potential by building on its existing strengths in academia, life sciences, semiconductors, AI and green technology amongst others.
Together we will build the infrastructure and partnerships needed to join up this region’s academia, investors and business so that we can boost growth, deliver innovations and create new jobs that improve all our lives.
Responding, Councillor Susan Brown, Leader of Oxford City Council, said:
Oxford has one of the best performing economies in the country.
We are the UK’s leader in scientific research, innovation and university spinouts, and have vibrant manufacturing, zero carbon and tourism sectors.
Oxford is a success story, but, if the conditions are right, we can do so much more.
Last year, alongside the Vice Chancellors of Oxford’s two universities, I wrote to the new Chancellor asking for an independent taskforce to be created for Oxford.
The Growth Commission for Oxford, announced today by the Chancellor of the Exchequer, will bring together key partners to tackle the barriers to economic growth, enabling us to create more new jobs and build more new homes. We’re keen to work with both universities, businesses, the County and District councils and Government to move things forward.
Our work here will form a key part of the Oxford-Cambridge Growth Corridor, which I’m delighted to see is being strongly backed by the Government.
Working together with like-minded organisations all committed to Oxford’s success, our city can realise its full potential and we can create secure, well-paid jobs for our children and grandchildren.
