Rachel Reeves says Oxford and Cambridge could become Europe's Silicon Valley
In her growth speech she announced more rail links for the region as well as a new reservoir in Abingdon.
Chancellor Rachel Reeves has set out her plan to 'kickstart economic growth' in the UK announcing several major infrastructure plans, including backing a third runway at Heathrow.
The Chancellor told an audience in Eynsham in Oxfordshire: “Growth isn’t simply about lines on a graph, it is about the pounds in people’s pockets, the vibrancy of our high streets and the thriving businesses that create wealth, jobs and new opportunities for us, for our children, and grandchildren.
“We will have succeeded in our mission when working people are better-off.”
Oxfordshire Announcements
Rachel Reeves talked about making the Oxford-Cambridgeshire arc Europe's 'Silicon Valley'. The name for a large technology hub in San Francisco in America, where many large global companies are based. The Chancellor said the corridor could add £78 billion to the UK's economy by 2035.
She also spoke about new reservoirs, with one due to be built near Abingdon, as the Government's agreed for water companies to invest billions to improve infrastructure.
And, funding for the East-West rail link joining Oxford, Cambridge and towns like Bedford and Milton Keynes was confirmed, plus, Oxford will be getting its own 'growth commission' - effectively a taskforce which the city council said would help create more jobs and build more homes.
Chancellor backs extra runway at Heathrow
The Government supports the building of a third runway at Heathrow Airport, Rachel Reeves said.
The Chancellor said: “I can confirm today that this Government supports a third runway at Heathrow and is inviting proposals to be be brought forward by the summer.
Ms Reeves had earlier said a third runway at the hub airport was “badly needed”, that the previous government had taken no action on it and claimed no full-length runway has been built in Britain since the 1940s.
What other projects has the Chancellor backed?
Rachel Reeves has said the Government will work with regional leaders to “recreate South Yorkshire airport city” after Doncaster Sheffield airport closed.
The Chancellor also said the Government is backing plans for the redevelopment of Manchester United’s Old Trafford.
The Chancellor said the Government would “work with the private sector to deliver the infrastructure that our country desperately needs”.
She added: “This includes the Lower Thames Crossing, which will improve connectivity at Dover, Felixstowe and Harwich, alleviating severe congestion as goods destined to export come from the North and the Midlands, and across the country, to markets overseas.