A new consultation for a development corporation in Greater Cambridge has been launched today.
- New growth body proposed to establish a Greater Cambridge development corporation to accelerate nationally significant growth
- Plans could unlock more affordable homes, thousands of good jobs, transport links and business expansion
- Builds on up to £400 million already committed to kickstart development in the city of Cambridge and surrounding areas
Thousands more high-quality homes and jobs for people across Greater Cambridge could be unlocked, through new proposals to set up a development corporation to boost economic growth across the Oxford to Cambridge corridor.
Focused on speeding up major development, assembling land, regenerating key sites and bringing in new investment, the Housing Minister today (Wednesday 4 February) has set out the blueprints for a government-established development corporation in Greater Cambridge for the first time. The proposed body could support the creation of thousands of high-paying jobs in construction, bioscience, education and hospitality to raise living standards for people and families.
Development corporations have a strong track record in driving growth and regeneration, including in Stratford where the London Legacy Development Corporation regenerated the area and delivered the 2012 Olympic and Paralympic Games in East London.
Residents, local leaders, and businesses in and around Greater Cambridge are being invited to have their say on whether a development corporation should be established, the area it would cover, as well as the planning powers at its disposal to approve new homes, employment space, and critical infrastructure.
Housing and Planning Minister, Matthew Pennycook said:
"This government is determined to realise the full potential of Greater Cambridge to the benefit of its existing communities and the country as a whole.
"The centrally-led development corporation we are proposing would provide us with the necessary powers, authority and access to finance to unleash ambitious and high-quality sustainable growth in Cambridge and its environs in the years ahead.
"I encourage all those with an interest in the future of Greater Cambridge to respond to our consultation and share their expertise, insights and knowledge."
Chief Secretary to the Treasury, James Murray said:
"We have huge ambitions for the Oxford-Cambridge corridor. This is an important step that will accelerate development in Cambridge and drive investment and growth for the whole country.
"A new development corporation will help us build more homes, create more quality jobs close to home, and raise living standards for working people across the area."
Within months of entering office, the government set out the first steps for a reset moment with Cambridge leaders, signalling a new era of partnership to work side-by-side with government to drive forward long-term plans for the city and surrounding areas.
Today's consultation builds on up to £400 million of government funding already committed to accelerate development in the area, including support for new transport links, affordable homes, and the University of Cambridge Innovation Hub. Part of this funding has been provided for the government's innovative Water Efficiency Programme to help tackle water scarcity while long-term infrastructure is developed.
In addition, £15 million was allocated separately last year to create new lab space for science start-ups.
The Cambridge Growth Company, chaired by Peter Freeman, is working with local partners and industry to remove barriers to growth and a future development corporation could strengthen this by providing further leadership and long-term delivery for the region.
Chair of the Cambridge Growth Company, Peter Freeman said:
"We all recognise that Greater Cambridge has an incredible track record for delivering good quality and sustainable growth and, has even greater ambition to see its innovation economy power inclusive jobs and prosperity for all. But we also all know that there are significant problems to address which are increasingly holding the area back. We must make sure that we make Cambridge and all the towns and villages around it more liveable than they are today.
"I strongly believe that a development corporation will give Greater Cambridge the tools, certainty and investment ability needed to deliver an infrastructure-first approach to sustainable growth.
"The role of a development corporation is to stay true to a shared vision, through economic cycles, and deliver it. When we look back, there will be better transport; no shortage of, and better quality, water; there will be more open public spaces and more protected space for nature; there will be more jobs and more genuinely affordable homes."
