‘One of the world’s greatest economic opportunities’

Robert Jenrick MP, exchequer secretary to the Treasury, was the keynote speaker at EG’s Growth Corridor event, which examined the opportunities for the Cambridge-Oxford arc. Here, in his own words, Jenrick  puts forward the government’s intentions and ambitions for “not just one of the greatest opportunities in the UK but one of the world’s greatest economic opportunities”. “This is an area that is incredibly rich in its history and its past, but tremendously ambitious for the future. We all stand to benefit if those ambitions are achieved. My message today from the government is that this area is a UK asset, and one that we want to see succeed. “Estimates by the National Infrastructure Commission suggest that with the right interventions, working in tandem between central government, local government and private investors, the Oxford-Milton Keynes-Cambridge arc could double in growth by 2050, with 1.1m new jobs created and an additional £163bn of annual economic output. “In the centre of the country lies, I believe, the seeds of our economic future – an area truly bursting with potential. We have to make sure that we set the right conditions to allow that potential to flourish and prosperity to burgeon. “We as a government have made this a national priority, and have returned to it not just in the last Budget but in the spring statement and the Budget before that. And we will keep on doing that. The government is bringing Whitehall together in a combined effort to ensure that we make this happen. “We are appointing a business champion, and we are seeking a truly inspirational leader to take this forward, to attract investment and to help you sell an economic vision for this project. That individual will have a direct line to the chancellor and the Treasury to ensure that he or she receives the investment and support they and you need to make this project a success.” Key concerns “We have set three key challenges to make sure the project moves forward at pace: Connectivity – at the moment, the arc comprises several very wonderful but separate places, with poor connectivity between them. It means that the region is less than the sum of its parts, and the whole of government is up for the challenge of tackling this. Housing – we as a government want to renew the dream of home ownership in this country, not only to enable the next generation to get on the housing ladder, but also so that great businesses in places such as Cambridge and Oxford can tackle one of their most fundamental challenges. At the moment, it is clearly too hard for too many people to find somewhere to live, particularly in this most desirable and thriving part of the country. We want to ensure that this changes. It will require us all to work together and to have a vision for the future that is as compelling as possible. Encouraging investment – having talent in this part of the country is vital, but it is not enough. We can have the best people and build the best homes, and we in government can increase public investment to build roads, railways and digital connectivity. But without private finance binding that together, the potential will never truly be realised. “We also need investors internationally to view this as a global opportunity. We are asking the Department for International Trade to prioritise this area – to sell this area internationally in China, in India and emerging markets, in the US, all over the world. This is not just an area that is on a par with any in Europe, but any in the entire world. “This is the start of a journey. It is one that will span the next 30 years, and one that will span many governments and many ministers. But our commitment to this venture is unbending. We want to see it develop at pace, and we want to work productively with you. “This will only be achieved if we can come together: if government, councils, businesses, investors, individuals and landowners can work together on a combined effort. “It will be a joint endeavour that we can all truly be proud of in years to come, creating the greatest economic opportunity this country has known for a long time and an international asset – an absolute beacon for research, development, science, investment and the environment.”