Latest news with #Oxford-CambridgeGrowthCorridor
BBC News
30-03-2025
- Business
- BBC News
Concern over labs plan for Beehive Centre in Cambridge
Plans to turn a retail park in Cambridge into laboratories could push people out of the city, a councillor which owns the Beehive Centre, wants to redevelop it to create labs, offices, smaller shops and cafes. Cambridge City Council was due to refuse the application because of the impact on homes but the government intervened and the decision rests with Party leader Naomi Bennett said shops were vital facilities in the area.A Ministry of Housing, Communities and Local Government spokesman said: "Cambridge can have a vital role in kickstarting economic growth, but it is being held back by unaffordable housing and poor transport connections." "The government will accelerate economic growth across the Oxford-Cambridge Growth Corridor, to the benefits of local communities and national prosperity," the spokesperson a pension investment company, said it wanted to work with the local community and the scheme would include Beehive Centre is a retail park on the eastern edge of Cambridge. It is home to major brands like M&S Food, Next Home, B&M and Asda, and it is one of few places in the city where it is free to park. In January, the chancellor announced that boosting the science sector in Cambridge is key to her plans for economic growth. Naomi Bennett, leader of the Green Party on Cambridge City Council, said the plans to use the area for scientific laboratories and offices meant local people "were being pushed out of Cambridge"."A lot of people in the area have low incomes and more than 40% of households have no access to cars so to have local shops on your door step are really important," she said."I don't think the government understands that people need to shop and go shopping. I don't think the government understands." Cambridge is surrounded by science and innovation parks including the Cambridge Biomedical Campus which, as the largest health research campus in Europe, employs more than 20,000 head of property, Matt Howard, said: "We don't believe that putting scientists and innovators in a field in the middle of nowhere is the right way to release creativity."They need amenities and activities so that's what we're trying to create here, but we're trying to do it with the local community as well." "We're committed to the Cambridge Retail Park" said Mr Howard. "Our aim is to create an ecosystem where the retail park serves workers at the new Beehive Centre and those workers sustain the retail park."A report by the Greater Cambridge Partnership found that lab space around the city would meet demand until 2030, but warned of "a shortfall of critical smaller space for start-up businesses" which take academic research forward into the first stages of product Labour MP for Cambridge, Daniel Zeichner, said he hoped the government would now ensure that "all voices are heard".He added: "It's an important site for redevelopment. Cambridge must be allowed to grow, but that must also mean better transport, affordable homes, and investment in healthcare." BBC Politics East was broadcast on Sunday, 30 March and can be seen on BBC Cambridgeshire news on BBC Sounds, Facebook, Instagram and X.
Yahoo
30-01-2025
- Business
- Yahoo
Today's pound, gold and oil prices in focus: commodity and currency check, 30 January
The pound was flat against the dollar on Thursday morning, trading at $1.2449, as investors weighed central bank policy decisions and UK chancellor Rachel Reeves' economic growth plans. The US Federal Reserve announced on Wednesday that it was keeping rates on hold in its first decision of the year. Fed chairman Jerome Powell also tempered expectations of a rate cut in March, as he told reporters after the decision that the central bank did "not need to be in a hurry to adjust our policy stance". Market attention has turned to the European Central Bank's decision on Thursday, with expectations that it will lower rates once again. The Bank of England is due to share its first decision of 2025 next Thursday, with investors also anticipating a potential interest rate cut. Investors were also digesting Reeves' economic growth plans, unveiled on Wednesday. The chancellor said in a speech in Oxfordshire that she would go "further and faster" to kick-start the economy. Her agenda included plans to deliver the "Oxford-Cambridge Growth Corridor", a move which would add £78bn to the UK economy. Read more: FTSE 100 LIVE: Stocks push higher as ECB expected to cut interest rates This comes amid concerns that "stagflation" — when economic growth slows but inflationary pressures persist — is taking hold in the UK and has led to doubts over the government's fiscal policy. The Resolution Foundation think-tank said in research released on Thursday, that the chancellor may be forced to choose between making "tough short-term decisions", including fresh tax rises or spending cuts, or risk breaking fiscal rules. Danni Hewson, head of financial analysis at AJ Bell (AJB.L), said: "Growth can't happen overnight and though Rachel Reeves' plans have been criticised ... they are tangible." "Even if it will take years for spades in the ground at many of the eye-catching projects signed off today, the potential for growth is there and headlines about investment and opportunity could help consumers start to feel a little more confident about what the future has in store." The pound edged higher against the euro (GBPEUR=X), up nearly 0.2% to €!.1959 on Thursday morning. Gold prices rose on Thursday morning as investors remained concerned about uncertainty around US president Donald Trump's trade tariff plans. The spot price was up 0.6% to $2,775.22 per ounce, while gold futures rose 0.7% to $2,812. Stocks: Create your watchlist and portfolio Trump has already proposed potential tariffs of 25% on Canada and Mexico, as well as a 10% levy on imports from China. The Financial Times reported on Tuesday that Trump's Treasury secretary Scott Bessent had had been pushing for universal tariffs to start at 2.5%, rising gradually from that point. Asked about this prior to the report's release, Trump said he didn't believe Bessent supported this and said he wanted a rate "much higher" than 2.5%, according to Bloomberg. Investors tend to look to gold in times of uncertainty, as it considered to be a safe-haven investment. The uncertainty around tariffs, as well as Trump's call for lower oil prices, continued to weigh on the commodity. Brent crude futures fell 0.5% to $75.22 per barrel, while US West Texas Intermediate (WTI) crude was down 0.5% at $72.27. Susannah Streeter, head of money and markets at Hargreaves Lansdown (HL.L), said: "There's still concern about the knock-on impact to global trade and the demand for energy. But if tariffs were imposed on crude imports from suppliers in Mexico and Canada, it could increase refinery costs and increase gas prices for Americans, potentially lowering demand." Read more: Shell posts drop in profits but declares further share buybacks "A larger than expected increase in US crude stockpiles is also weighing on prices, with the Energy Information Administration reporting a 3.4-million-barrel rise last week," she added. In an address to the World Economic Forum in Davos last week, Trump called for the Organization of the Petroleum Exporting Countries (OPEC) to lower oil prices. In broader market movements, the FTSE 100 (^FTSE) rose 0.2% to 8,572.72 on Thursday morning. For more details, check our live coverage here. Read more: Trending tickers: Tesla, Meta, Microsoft, IBM and BT Fed holds rates steady, drops language about inflation progress UK could face more tax rises and spending cuts, think-tank warnsSign in to access your portfolio
Yahoo
29-01-2025
- Business
- Yahoo
Oxbridge growth corridor 'to add £78bn to economy'
Proposals to link up Oxford and Cambridge will add up to £78bn to the UK economy by 2035, the chancellor has claimed. Connecting the university cities could create "Europe's Silicon Valley", Rachel Reeves said in her speech in Oxfordshire. The government wants thousands of homes and better transport links to be developed in the area between the cities. The chancellor also supported the construction of Abingdon Reservoir, though the 4.5 sq-mile (7sq km) project continues to be met with strong local opposition. Speaking at Siemens Healthineers in Eynsham the chancellor said the two university cities "offer huge economic potential for our nation's growth prospects". "Just 66 miles apart, these cities are home to two of the best universities in the world, two of the most intensive innovation clusters in the world, and the area is a hub for globally renowned science and technology firms in life sciences, manufacturing, and AI. "It has the potential to be Europe's Silicon Valley. The home of British innovation. "To grow, these world-class companies need world-class talent who should be able to get to work quickly and find somewhere to live in the local area. "But to get from Oxford to Cambridge by train takes two-and-a-half hours. "Oxford and Cambridge are two of the least affordable cities in the UK. In other words, the demand is there but there are far too many supply side constraints on economic growth in the region." The announcements include: Nine new reservoirs, such as Fens Reservoir serving Cambridge and the Abingdon Reservoir Funding for East-West Rail, with new services between Oxford and Milton Keynes The development of new and expanded communities in the Oxford-Cambridge Growth Corridor A new Growth Commission for Oxford Appointment of Sir Patrick Vallance as Oxford-Cambridge Growth Corridor champion to ensure the Government's ambitions are delivered Reacting to the speech, Susan Brown, leader of Oxford City Council, said the newly-announced Growth Commission would bring together central government, local authorities, businesses and universities to "tackle the barriers to economic growth". She added it would help the city "realise its full potential" and create secure "well-paid jobs for our children and grandchildren". Professor Alistair Fitt, chair of Arc Universities Group and vice chancellor at Oxford Brookes University, said the region "hosts a great diversity and scale of universities". "Together we offer a wide range of key contributions: globally renowned research brilliance, the powerhouse of skills provision provided by cutting edge teaching, world-class knowledge transfer and commercialisation," he said. In a joint statement Oxfordshire's MPs, Liberal Democrats Layla Moran, Olly Glover, Charlie Maynard, Freddie van Mierlo and Calum Miller said they were "pleased to hear the government's ambition to unleash our county's potential". "But growth needs to come along with huge investment in critical infrastructure," they added. "We need urgent action to fix our crumbling sewage system, support already overstretched GP and dentistry services, improve the electricity grid, and boost the active travel and rail network. "So we're pleased to see the government's commitment to East West Rail, but there is much further to go." Lisa Warne, director of CPRE Oxfordshire, said the countryside charity had "grave concerns about Labour's growth agenda, whether this is growth in housing, wind farms or reservoirs". While she welcomed plans for affordable homes and renewable energy, she said it could not be "at the expense of the countryside" and urged the government to build on brownfield sites. She called the announcement "nothing but a rehash of old policies". But Derek Stork, the chair of the Group against Reservoir Development, said the reservoir plans included in the announcement would be a "diversion of resources". "What we need is infrastructure fixing our leakages, and we need infrastructure to fix the sewage pollution that companies like Thames Water are dumping in our rivers." Sally Povolotsky, a district councillor who represents Steventon and the Hanneys, said the government was "ignoring the thousands of voices" who had taken part in a consultation. "This is just absolute insanity that the government can come along and kibosh everyone's rights to be able to speak and have their voice heard." Thames Water welcomed the government's plans which it said would secure the water supply for 15m people. "It will also enable us to meet the challenges ahead, such as a growing population and the effects of climate change. "We've also committed to halving leakage by 2050 and reducing demand for water." it added. Rachel Reeves announced the plans alongside a series of other major infrastructure projects, including plans for a third runway at Heathrow Airport. Bethan Nimmo, BBC Oxford political reporter, said the announcement could mean "a real boost for jobs and prosperity". "The pressure is on to build more homes - and build them faster - as well as lab spaces and offices for the kind of companies that will drive this growth." "At the same time, many will look at all the green fields in Oxfordshire and wonder how many of those will make it to the other side of this kind of growth boom," she added. You can follow BBC Oxfordshire on Facebook, X (Twitter), or Instagram. Reeves expected to back Heathrow expansion plans Oxford-Cambridge arc has 'failed' - campaign group Step forward in plans to build new reservoir Reservoir plans spark 'disgust' among councillors
BBC News
29-01-2025
- Business
- BBC News
Oxbridge growth corridor 'to add £78bn to economy'
Proposals to link up Oxford and Cambridge will add up to £78bn to the UK economy by 2035, the chancellor has the university cities could create "Europe's Silicon Valley", Rachel Reeves said in her speech in government wants thousands of homes and a new rail link to be developed in the area between the chancellor also supported the construction of Abingdon Reservoir, though the 4.5 sq-mile (7sq km) project continues to be met with strong local opposition. Speaking at Siemens Healthineers in Eynsham said the two university cities "offer huge economic potential for our nation's growth prospects"."Just 66 miles apart, these cities are home to two of the best universities in the world, two of the most intensive innovation clusters in the world, and the area is a hub for globally renowned science and technology firms in life sciences, manufacturing, and AI."It has the potential to be Europe's Silicon Valley. The home of British innovation."To grow, these world-class companies need world-class talent who should be able to get to work quickly and find somewhere to live in the local area. "But to get from Oxford to Cambridge by train takes two-and-a-half hours."Oxford and Cambridge are two of the least affordable cities in the UK. In other words, the demand is there but there are far too many supply side constraints on economic growth in the region." The announcements include:Nine new reservoirs, such as Fens Reservoir serving Cambridge and the Abingdon ReservoirFunding for East-West Rail, with new services between Oxford and Milton KeynesThe development of new and expanded communities in the Oxford-Cambridge Growth CorridorA new Growth Commission for OxfordAppointment of Sir Patrick Vallance as Oxford-Cambridge Growth Corridor champion to ensure the Government's ambitions are delivered Reacting to the speech, Susan Brown, leader of Oxford City Council, said the newly-announced Growth Commission would bring together central government, local authorities, businesses and universities to "tackle the barriers to economic growth". She added it would help the city "realise its full potential" and create secure "well-paid jobs for our children and grandchildren".Professor Alistair Fitt, chair of Arc Universities Group and vice chancellor at Oxford Brookes University, said the region "hosts a great diversity and scale of universities". "Together we offer a wide range of key contributions: globally renowned research brilliance, the powerhouse of skills provision provided by cutting edge teaching, world-class knowledge transfer and commercialisation," he said. But Derek Stork, the chair of the Group against Reservoir Development, said the reservoir plans included in the announcement would be a "diversion of resources"."What we need is infrastructure fixing our leakages, and we need infrastructure to fix the sewage pollution that companies like Thames Water are dumping in our rivers."Sally Povolotsky, a district councillor who represents Steventon and the Hanneys, said the government was "ignoring the thousands of voices" who had taken part in a consultation."This is just absolute insanity that the government can come along and kibosh everyone's rights to be able to speak and have their voice heard."Thames Water welcomed the government's plans which it said would secure the water supply for 15m people."It will also enable us to meet the challenges ahead, such as a growing population and the effects of climate change. "We've also committed to halving leakage by 2050 and reducing demand for water." it Reeves announced the plans alongside a series of other major infrastructure projects, including plans for a third runway at Heathrow Airport. Bethan Nimmo - BBC Oxford political reporter This announcement means the pressure is on to build more homes - and build them faster - as well as lab spaces and offices for the kind of companies that will drive this growth. If it goes well, it could mean a real boost for jobs and prosperity. When you get more high-tech innovation companies moving into an area or starting up, it's not just those high end jobs it creates, it's all the work that supports it. There's the builders to build the spaces, the cleaners to clean them, and catering companies to make the sandwiches. It could have a real ripple effect on job opportunities. At the same time, many will look at all the green fields in Oxfordshire and wonder how many of those will make it to the other side of this kind of growth boom. You can follow BBC Oxfordshire on Facebook, X (Twitter), or Instagram.
Yahoo
29-01-2025
- Business
- Yahoo
What do government plans mean for Cambridge?
The chancellor has unveiled plans to deliver the Oxford-Cambridge Growth Corridor, claiming it will boost the UK economy by up to £78bn. Rachel Reeves said the area has "the potential to be Europe's Silicon Valley", but a lack of affordable housing, no direct train service between the university cities and a lack of water supply in one of the driest regions in the country had held this back. "To grow, these world-class companies need world-class talent who should be able to get to work quickly and find somewhere to live in the local area," she said. So, what has been confirmed for the Cambridge area? The Environment Agency has lifted its objections to developments around Cambridge, delivering 4,500 homes, plus associated facilities such as schools, as well as office and laboratory space in the city centre at the Beehive Centre The government will let water companies unlock £7.9bn in investment to build new reservoirs, including a new Fens Reservoir to serve Cambridge Funding has been confirmed for transport projects, including the East West Rail, and an upgrade on the A428 between Milton Keynes and Cambridge The new Cambridge Cancer Research Hospital will be prioritised Support has been confirmed for a new East Coast Mainline station at Tempsford, Bedfordshire The government has backed the University of Cambridge's plans to build a large scale innovation hub in the city centre Ms Reeves said: "Oxford and Cambridge offer huge economic potential for our nation's growth prospects. "Just 66 miles apart, these cities are home to two of the best universities in the world, two of the most intensive innovation clusters in the world and the area is a hub for globally renowned science and technology firms in life sciences, manufacturing, and AI. "To grow, these world-class companies need world-class talent who should be able to get to work quickly and find somewhere to live in the local area. But to get from Oxford to Cambridge by train takes two and a half hours. "Oxford and Cambridge are two of the least affordable cities in the UK. In other words, the demand is there but there are far too many supply side constraints on economic growth in the region." To help meet the government's aims, Science Minister Lord Patrick Vallance has been appointed as the Oxford-Cambridge Growth Corridor Champion. He said: "The UK has all the ingredients to replicate the success of Silicon Valley or the Boston Cluster, but for too long has been constrained by short termism and a lack of direction. "I look forward to working with local leaders to fulfil the Oxford-Cambridge corridor's potential by building on its existing strengths in academia, life sciences, semiconductors, AI and green technology amongst others." The government keeps saying its main mission is to grow the economy. Now the chancellor has made it very clear that she wants this region to be at the forefront of that mission. Never before have there been so many local announcements in one speech: airport expansion, road improvements, new homes, a station even a reservoir. For years the business community has been telling governments the region has significant potential, if only it was given the support that it needed to grow. Rachel Reeves has listened and now expects the region to deliver. A lot of these ideas are not new. Public opposition and a lack of confidence by investors meant they have not became reality. The chancellor wants it to be different this time by driving the changes through the planning system with limited time for consultation. There will be opposition to some of this, there will be legal battles - it may not all succeed and it will certainly take time. But if it does happen, the look of this region and the way people view this region will change considerably. Follow Cambridgeshire news on BBC Sounds, Facebook, Instagram and X. Council opposes six track plan for East West Rail Oxford-Cambridge region should be science 'jewel' 'Most don't know what the Oxford-Cambridge arc is'
