2012 Olympics-style development firm ‘a game changer’

The leader of Oxford City Council (Labour) has welcomed the chancellor Rachel Reeves’ announcement that the government intends to create a development corporation for Greater Oxford.

The so-called Oxford-Cambridge corridor is one of the only UK regions outside of London which is a net contributor to Britain’s economy.

Rachel Reeves will announce it this week. (Image: Peter Cziborra/PA)

Ministers hope they can spark further economic growth by supporting the technology, manufacturing and research sectors in the area between the two university cities.

Ms Brown said: “A well-designed, central-government-backed development corporation for Greater Oxford should bring both the powers and funding required to deliver the housing, infrastructure, and economic growth at scale that we urgently need.

“We have made it clear in our plan for Local Government Reorganisation that a development corporation would likely be needed to help deliver the 40,000 homes – including 16,000 affordable homes – and 12m sq ft of commercial space we are proposing as part of a new Greater Oxford Council.

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“Where development corporations work best, both in the UK and overseas, having shared goals and objectives with local government is key.

“So, while we will need to wait for the detailed proposals to respond properly, I believe our plan to create a Greater Oxford Council is the only way to provide a future development corporation with an aligned local government partner and to ensure a strong democratic city voice sits at its heart.

“We look forward to examining the detail in the upcoming consultation.”

The chancellor is expected to announce plans for a Greater Oxford development corporation this week.

A similar development corporation for Cambridge was launched earlier this year.

She will back the two development corporations by doubling the funding available to buy land and build infrastructure, from £400 million up to £800 million.

A Treasury spokesman said: “Our plans for the Oxford-Cambridge corridor are ambitious. The prize on offer is to have the Silicon Valley of Europe here in Britain – bringing more jobs and more vibrant places to live.

“We have the right economic plan and this week the Chancellor will set out how the regions are crucial to the next decade of growth.”

Development corporations have previously been used to spearhead major regeneration projects in Britain, including the Olympic Park in Stratford, east London.

They have however been criticised as undemocratic and unaccountable, as they take planning powers away from local councils.