Growth in Milton Keynes and Stevenage is now rivaling that of Oxford and Cambridge, according to a major new report urging the government to fast-track approvals for East West Rail to unlock billions in investment across the Oxford–Cambridge “supercluster”.
The report, The Economic Power of the Oxford-Cambridge Growth Corridor, published by the Oxford-Cambridge Supercluster Board and produced with the Centre for Business Research at Cambridge University, reveals there are now 3,000 knowledge-intensive firms employing 152,000 people and generating £45 billion in annual turnover across the corridor.
These businesses account for over a third of the region’s economy while representing just over a quarter of corporate jobs, highlighting significantly higher productivity than the wider economy.
While Oxford and Cambridge have long been viewed as the epicentres of the corridor, new data shows that Britain’s original New Towns — particularly Milton Keynes and Stevenage — now match the historic university cities across several key metrics.
In the central region between Oxford and Cambridge, total turnover stands at £56.8 billion with 223,661 employees across 7,622 companies, compared with £46.2 billion turnover in Cambridge and £32.2 billion in Oxford.
The report is backed by 46 organisations including AstraZeneca, GSK, Airbus, Leonardo, Silverstone, Darktrace and the Ellison Institute of Technology.
Business leaders are calling on the government to accelerate the Development Consent Order (DCO) process for East West Rail once it is submitted in 2027, warning that delays could stall growth and deter investors.
They want construction to begin during this parliament, arguing that speed and certainty are essential to creating a single, better-connected labour market and driving inward investment across the corridor.
Businesses point to recent fast-tracked approvals, such as the proposed Universal theme park in Bedford, as evidence that major planning decisions can move quickly when prioritised.
The report outlines three immediate actions the government should take to unlock the Oxford–Cambridge corridor’s estimated £78 billion growth opportunity:
- Fast-track East West Rail approvals, committing to an accelerated examination and decision process once the Development Consent Order is submitted, properly resourcing the Planning Inspectorate and beginning phased construction within this parliament.
- Create a dedicated Oxford–Cambridge Growth Corridor governance body spanning the entire region, bringing together government, industry and universities under a single leader to cut red tape and drive growth across centres including Bedford, Milton Keynes, Luton and Stevenage.
- Publish a supercluster-wide strategy and spatial plan, setting out priority sites for new homes, labs and workspace, alongside the infrastructure needed to support them.
Comments
Shaun Grady, Chair of AstraZeneca UK, said:
“Oxford and Cambridge are home to truly world class science… East West Rail is vital infrastructure that will knit together labs, campuses, and urban centres into a single labour market, building the future skills the country needs, driving economic growth, and ensuring the UK benefits faster from scientific advances.”
Robert Scott, GSK’s Vice President of Human Genetics and Genomics, added:
“As a UK-headquartered biopharma company investing £1.5bn last year in UK R&D… the opportunity to collaborate both globally and locally is essential to accessing and driving the innovation required to drive productivity, growth and jobs.”
Dr Andy Williams, Chair of the Oxford-Cambridge Supercluster Board, said the report proves the region’s strength extends far beyond Oxford and Cambridge.
“The opportunity now is to turn that distributed strength into a single, better-connected regional economy. That starts with East West Rail.”
Prof Simon Harwood, UK Capability Development Director at Leonardo said:
“Innovation across the Oxford-Cambridge region is now spread beyond its two historic cities, with East West Rail key to transforming the cluster into a globally competitive, nationally aligned supercluster.”
Lisa Flashner, Chief Operating Officer at the Ellison Institute of Technology said
“Stronger east-west connectivity is vital to turning research into real-world impact, accelerating collaboration between campuses, business parks and research-led organisations.”
Ed Bussey, Chief Executive Officer of Oxford Science Enterprises said:
“Oxford’s global strengths can only be fully realised through regional collaboration, highlighting the importance of shared infrastructure, scalable lab space and joint investment across the corridor.”
Stuart Pringle, Chief Executive Officer of Silverstone said:
“Locations beyond Oxford and Cambridge, including Silverstone, are increasingly central to the corridor’s success, with improved rail connections set to boost access for advanced engineering businesses.”
Nick Pettit, Senior Partner at Bidwells said:
“Economic growth across the corridor is being constrained by fragmented connectivity, describing East West Rail as the missing link that must be supported by rapid planning and delivery of homes and high-quality workspace.”
Caspar Herzberg, Chief Executive Officer of AVEVA said:
“Cambridge remains a cornerstone of AVEVA’s global operations, with continued investment driven by the region’s talent pool, university collaboration and leadership in technology and sustainability.”
