19.07.19

Ministers back new Oxford-Cambridge Arc economic proposals

Housing Minister Kit Malthouse has vowed to support a new economic plan to boost innovation and maximise opportunities in Cambridgeshire and Peterborough.

The locally-developed plan sets out how the area will take full advantage of its global assets and maximise economic opportunities in the Oxford-Cambridge Arc.

Mr Malthouse described the proposals as “momentous” and said the plan “will maximise the undoubted potential of the region”.

The Minister added: That’s demonstrated by the sheer range of plans covered by the strategies - whether it be developing future generations via a Skills Apprenticeship Hub, improving social mobility, or entertaining film lovers with productions from the world-famous Pinewood Studios.

“It’s time to roll up our sleeves and work with communities and local leaders to realise their ambitions and also build more, better, faster, providing one million new homes across the Oxford-Cambridge Arc by 2050.

“The Government’s modern Industrial Strategy is the flagship economic policy which backs businesses to create high-quality, well paid jobs throughout the United Kingdom, and invests in skills, innovation and infrastructure.”

The area is aiming to become a global leader in the region’s life sciences, food production, artificial intelligence and advanced manufacturing sectors

Maximise productivity

The new economic blueprint for Cambridgeshire and Peterborough is designed to maximise productivity and innovation in the area’s leading life sciences, food production, artificial intelligence and advanced manufacturing sectors.

The new Local Industrial Strategy aims to harness the full potential of innovation in the region, and features a Skills and Apprenticeships Hub to support the local community.

Developed in collaboration with local leaders, Government and businesses, the Cambridgeshire and Peterborough Local Industrial Strategy sets out how the area will contribute towards delivering the national Industrial Strategy’s aim to raise productivity levels and create high-quality, well paid jobs across the country.

Business Secretary Greg Clark said: “Cambridgeshire and Peterborough alone contribute £22billilon a year to the UK economy. The Local Industrial Strategy – one of four published across the Oxford-Cambridge Arc – will help boost this even further.”

Professor Aamir Khalid, Chair of The Business Board of the Cambridgeshire and Peterborough Combined Authority, added: “This is about fostering the conditions in which the innovative, dynamic and energetic enterprises that are a hallmark of the Cambridgeshire and Peterborough economy can continue to thrive.”

 

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