3 Sep 2018
For the first time, the councils, Local Economic Partnerships and other partners in the Oxford - Milton Keynes - Cambridge Growth Corridor will come together at MIPIM UK to jointly promote the investment and growth opportunities within the corridor. Their one fundamental message is the corridor is the location for transformational investment within the knowledge economies for businesses and investors looking to deliver sustainable growth for the UK.
The corridor covers the UK’s fastest growing locations, with the focus on economically-led growth and major infrastructure in development to enable the region to realise its full potential for innovation and technology clusters. It offers extensive development opportunities but, in particular, success is proven through existing businesses across the entire area; innovation and technology clusters, education establishments and high technology organisations have all seen expansion.
Collectively the corridor is already the UK’s leading growth location outside of the City of London, contributing more than £90 billlion of annual GVA to the UK economy. Its proactive business environment is recognised by the Government as a powerful opportunity to compete globally as a knowledge intensive cluster, supported by transformational investment through nationally significant infrastructure projects, including the East West Rail Link between Oxford and Cambridge, the Expressway, A14 and A1 road network enhancements.
Jason Longhurst is Chair of the Central Corridor Group, director of Regeneration and Business at Central Bedfordshire Council and Chair of UK Business Council for Sustainable Development. He said, “The Growth Corridor is rich in assets and is already one of the most innovative and economically successful areas of the UK but it is in the future potential of the area, where we are seeing some stellar projections. Our population of 3.3 million - supporting 1.8 million jobs - is expected to grow to over 2.1 million by 2050. And we’re looking at a 1.9% growth in GVA reaching more than £176bn over the next 30 years.”
Nigel Tipple, Chief Executive of OxLEP, said, “Leveraging the two internationally-renowned cities of Oxford and Cambridge – on a global scale – will not only support the UK economy to make the most of what this wider region has to offer in terms of growth and productivity, but so is the need to emphasise the ‘place potential’ offered right across the corridor, ensuring that ‘UK PLC’ can capitalise on all the economic strengths of the region.”
Productivity per person employed in the Growth Corridor is forecast to almost double, rising to £81,000 person employed by 2050, with ‘household name’ occupiers and organisations such as Astra Zeneca, BMW, Lockheed Martin, Pinewood Studios, Amazon and Mahle, and world class research establishments and business parks including Cranfield University & Technology Park, Silverstone Technology Park, Millbrook Technology Park, the Universities of Oxford and Cambridge and Culham Science Centre, all located in the corridor.
The Growth Corridor representatives will be appearing on stands E09-E14 at MIPIM UK, 17-18 October, Olympia.
Further information on the event can found on the MIPIM UK website.