OXFORD-CAMBRIDGE ARC

While not an official regional powerhouse, the Oxford-Cambridge Arc is a globally significant area between Oxford, Milton Keynes and Cambridge. It is formed of five counties: Oxfordshire, Bedfordshire, Buckinghamshire, Northamptonshire and Cambridgeshire.

It supports more than two million jobs, adds more than £110 billion to the economy every year and houses one of the fastest growing economies in England.

Last year, the government published a consultation to help it develop a strategy plan to support the Oxford-Cambridge Arc, which had been identified by the government as a key economic priority.

The “OxCam Arc” plans included a rail link, new homes and an expressway, but the expressway was scrapped later that year after being deemed not costeffective for the taxpayer according to the government. Plans remain ongoing for the East West Rail scheme which will re-establish a rail link between Cambridge and Oxford to improve connections between East Anglia and central, southern and western England.

However, since publication of the consultation, the government’s ambitions around devolution and levelling up have changed its focus. While there is still government support for the Arc, it has indicated that the collaboration and cross boundary working should be determined locally.

Alongside the Arc project driven by central government there was – and remains – a wide-ranging and locally-led Arc programme of activity which includes a trade and investment plan for the Arc on which its leadership group (which includes local authorities, local enterprise partnerships and universities in the region) is currently working with the Department for International Trade.

Property agency Bidwells recently published a report on the potential of the Oxford-Cambridge Arc. Called Radical Capital, the report is arranged around six strands of ‘capital’ – from knowledge, human and natural to connective, global and future, that it says must be considered collectively to supercharge the Arc, which currently accounts for seven per cent of England’s economic output, and which is predicted could grow to £235 billion by 2030.

A total of £2.36 billion was raised by Oxford and Cambridge in venture capital investment from January to June last year.

Bidwells partner, Patrick McMahon, said: “While government may be focussing on other priorities at the moment, there is such a head of steam from the private sector, universities and non-government organisations that the momentum is there.”

Those leading the Oxford-Cambridge Arc area believe that with investment, the region will be able to enhance its world-leading science, technologies and industries which can drive growth, deliver sustainable outcomes and boost jobs.

The Midlands Engine partnership covers a huge swathe of central England, from the Lincolnshire coast to the Welsh border, with a population of 11 million.

Chaired by Sir John Peace, whose career has covered technology, financial services and retail sectors, the Midlands Engine – like the Western Gateway, also sees a bright future in supporting the growth of a net zero economy. Its 10-point plan promises that by 2041, the region will have the potential to create or safeguard 196,000 green jobs, increase regional GVA by almost £26 billion and reduce carbon dioxide emissions by 36 per cent.

The Midlands is also the manufacturing heartland of the UK, with unrivalled expertise and capacity to make and apply low carbon hydrogen technologies to deliver net zero. The region accounts for 20 per cent of all England’s exports and generates £246 billion for the UK economy – the majority from the manufacturing sector.

The Midlands Engine region is home to the largest cluster of medtech companies in the UK generating £1 billion a year for the UK economy, 1,200 life sciences businesses, seven leading medical schools and two of the three largest NHS Trusts. It also hosts the UK’s largest Clinical Trials Unit and the UK Centre for black and minority ethnic health.

Last year, the Midland’s Engine published its first digital connected map. Working with mobile operators, local authority partners, Ordnance Survey, universities and others, it published a comprehensive record of public assets, broadband, 4G, 5G and fibre+ gigabit connections. This highlights where services are needed most to properly target new investment.