The Oxford to Cambridge Arc, which the Chancellor of the Exchequer described as a “key economic priority” for the country, has unveiled its bold vision in a prospectus that has been submitted to Government. The Arc’s ambition is to unlock the potential of its assets to create a world-leading innovation economy.
The Arc is already home to nearly four million people and two million jobs which together generate over £111bn of economic output each year. Based upon determined leadership and new financial backing, forecasts show that increased productivity resulting from intensifying the Arc’s global strengths in science, technology and high value manufacturing, could double the area’s economic output to over £200bn by 2050.
Councillor Barry Wood, Chair of the Arc Leaders Group and Leader of Cherwell District Council, said: “The Arc region has a critical mass of research, high-technology expertise and innovation assets found nowhere else in the UK. Yet we are at a pivotal time, during which our nation’s economic resilience is being tested far beyond anything we’ve seen before. Working with Government we can release the potential of the Arc’s key sectors, scientific community and entrepreneurial spirit to propel our country’s response to the major national and global challenges we face.”
The prospectus asks for commitment from Government to long term investment in the area, enabling the Arc to fulfil its true potential to deliver transformational economic growth that will benefit the whole of the UK. That investment will be crucial to tackle connectivity and congestion constraints and to provide the skills that industry requires to enable the Arc to pursue its role as a leading global innovation region.
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