Following last week’s Government announcement of a dedicated regeneration body for the region, our Director of External Affairs, Jane Hutchins, explores the opportunity this creates for growth, innovation and investment in a new opinion piece.
The Government’s announcement that Greater Cambridge will receive a dedicated regeneration body is another powerful vote of confidence in one of Britain’s most extraordinary economic success stories. Cambridge has long punched above its weight. This news is another boost to an even brighter future.
Companies here are 50 per cent more productive than the national average. This is impressive, yet productivity and potential are not the same thing. Growth requires space, infrastructure and the confidence to invest at scale.
Cambridge is more than a regional success story. It is a national engine of growth. What happens in Cambridge has a material impact on the future growth of UK Plc. This news proves, yet again, that is no understatement.
The wider Cambridge cluster is home to thousands of high tech businesses, has attracted billions in life sciences and tech investment, and generates such a concentration of patents and spin-outs from our world-leading university that it has earned a remarkable title: Europe’s Silicon Valley. Though around here, we prefer Silicon Fen.
That is precisely why, a few weeks ago, Cambridge Science Park submitted its masterplan for growth – a landmark moment in the Park’s five decade history. The proposals set out plans to deliver up to 20,000 new jobs, triple economic output to £3billion and increase built space from 2.8 million to approximately 8 million square feet.
It is one of the largest commercial planning applications in the region’s history, and represents a commitment to provide the next generation of world-changing companies the room they need to grow. Chancellor Rachel Reeves has already given her support to our plans. We are excited that the Government matches our ambitions and wants to build on that support.
The masterplan was drawn-up in the belief that despite our illustrious past, Cambridge’s best years lie ahead. Yesterday’s announcement strengthens that conviction. A dedicated Development Corporation, with real powers and a mandate to cut through unnecessary red tape, is exactly the kind of structural change we need. It sends an unambiguous signal to international investors: the UK is serious about Cambridge, and Cambridge is serious about growth.
This is a profound opportunity. Cambridge has long been a leader in science and technology, the very sector in which the government aims to drive its wider economic mission. The impact made from breakthroughs made in this incredible place have already been felt by millions around the globe, from Bluetooth technology to world-leading cancer treatments. Companies already here, like Cambridge Heartwear, are pioneering tomorrow’s technologies which will bring equally profound benefits. And our masterplan will enable the next generation of yet undiscovered industries to be born and grow here too.
The Government is rightly focused on growth. Cambridge Science Park and the wider region are already delivering it. This announcement will help enhance our impact. We are so excited about the benefits that will accrue for Cambridge, the UK and beyond.