A new definition of “growth in every postcode”
Last month’s report on scaling the OxCam corridor set out the interventions required for the Oxford-Cambridge growth corridor – described by the Starmer administration as the UK’s answer to Silicon Valley – to achieve the scale of the world’s leading clusters.
The Oxford-Cambridge Supercluster Board, which commissioned the report from Public First, has put out a press release stressing that the benefits of scaling more companies in the corridor “would be felt well beyond it”:
“The supply chain contracts and factories that follow a growing firm could sit in Birmingham, Bristol or Sunderland rather than Boston or Beijing, and the tax receipts they generate would help fund services across the country. Scaling firms also create a wide range of jobs, in engineering, manufacturing, operations and technical roles – not only in research.”
This is accompanied by a quote from Treasury minister Dan Tomlinson, who indicates his support for OxCam via a new twist on Andy Burnham’s regional prosperity slogan:
“Good growth in every postcode means backing the places where Britain already leads the world, and making sure the benefits reach every part of the country.”
The Financial Times this morning frames the comments as “Andy Burnham’s government to press ahead with Oxford-Cambridge corridor”. Tomlinson describes the recent report as a "valuable contribution” and says that he looks forward to upcoming engagements with local governments and business leaders in the region.
The paper also highlights how the Prime Minister has not himself commented on OxCam since taking office – though he quickly appointed Patrick Vallance to chair the project – leading to reported concerns that he risks being seen as unsupportive of southeast England (equally, some Labour backbenchers have sought to describe STFC budget decisions as coming “at the expense of the north”).
The Oxford-Cambridge Supercluster Board is calling for around £5bn of Mansion House pension capital to be “directed into venture and growth-stage funds across the region.” The Mansion House Accord saw some of the largest UK pension providers commit to the ambition of putting at least five per cent of their defined contribution funds into UK private markets by 2030, which could represent around £25bn in additional investment.