The economic contribution of the Cambridge – Milton Keynes – Oxford Growth Corridor to the UK’s post-Brexit economy could reach £400billion by 2050, Bidwells’ latest research reveals.
But delivery of a planned Expressway Road and a re-opened Varsity Line linking the region’s economic centres is essential to maintain the impressive growth seen in the Corridor since 2013.
The Corridor’s economy would grow to £400billion if it continues expanding at the pace of recent years, said 179-year-old property consultants Bidwells, the only multidisciplinary property and land consultancy with offices in Cambridge. Oxford and Milton Keynes.
The Corridor’s Gross Value Added (GVA) will surpass £300billion by 2050, even if the region’s growth slowed below the long-term average rates seen since 1998, said Bidwells’ economic analysts.
Bidwells’ other key research findings include:
- The whole Growth Corridor area has delivered a 0.9% pa higher GVA expansion when compared with the UK over the period 1998-2016.
- A high-growth ‘core area’ has delivered a long run average GVA of 4.7% per annum, compared with 4.0% for the Corridor as a whole
- At a future growth rate of 3.25 per cent - well below the long-term average for the Corridor - the area’s GVA will reach £312 billion by 2050
- An estimated 15-20m sq ft of further office and lab space, across approximately 540 hectares of land, will be needed to accommodate this projected growth