Reeves unveils plans for Oxford-Cambridge 'Silicon Valley'

Chancellor Rachel Reeves is set to unveil plans aimed at transforming the Oxford-Cambridge corridor into what she describes as 'Europe's Silicon Valley', with potential economic benefits of up to £78 billion by 2035. In her speech, she will highlight the area’s significance as a hub for innovation, particularly in life sciences and artificial intelligence, and announce infrastructure improvements including a new East-West Rail link to enhance connectivity. The government plans to support housing developments and has received a lift in development objections from the Environment Agency, facilitating the construction of 4,500 new homes. Reeves will emphasize the need for 'world-class talent' to access jobs quickly, noting the current challenges with transport times. While the initiatives mark a shift from previous 'levelling up' strategies, some Labour MPs and environmental activists express concerns regarding the potential impact on carbon targets. Her remarks are a strategic pivot from earlier economic pessimism to a more optimistic outlook on growth.