The government has previously committed £400 million of funding to speed up development in the area
Plans to set up a government-established development corporation have been unveiled by the Housing Minister on Wednesday (February 4). The government said this could ‘unlock’ thousands of homes and jobs for people across Greater Cambridge.
The proposed body would focus on creating thousands of jobs in construction, bioscience, education, and hospitality, the government said. A development corporation was formed to regenerate Stratford after the 2012 Olympic and Paralympic Games.
Housing and Planning Minister, Matthew Pennycook, said: “This government is determined to realise the full potential of Greater Cambridge to the benefit of its existing communities and the country as a whole.
“The centrally-led development corporation we are proposing would provide us with the necessary powers, authority and access to finance to unleash ambitious and high-quality sustainable growth in Cambridge and its environs in the years ahead.
“I encourage all those with an interest in the future of Greater Cambridge to respond to our consultation and share their expertise, insights and knowledge.”
Residents, local leaders, and businesses have been asked to have their say on whether a development corporation should be established and what area it would cover. They will also be able to comment on the planning powers it could have to approve new homes, workplaces, and other infrastructure.
Chief Secretary to the Treasury, James Murray, added: “We have huge ambitions for the Oxford–Cambridge corridor. This is an important step that will accelerate development in Cambridge and drive investment and growth for the whole country.
“A new development corporation will help us build more homes, create more quality jobs close to home, and raise living standards for working people across the area.”
It comes after the government committed £400 million of funding to ‘accelerate’ development locally. Part of the funding has been provided to tackle water scarcity while infrastructure is developed.
Chair of the Cambridge Growth Company, Peter Freeman said: “We all recognise that Greater Cambridge has an incredible track record for delivering good quality and sustainable growth and, has even greater ambition to see its innovation economy power inclusive jobs and prosperity for all.
“But we also all know that there are significant problems to address which are increasingly holding the area back. We must make sure that we make Cambridge and all the towns and villages around it more liveable than they are today. I strongly believe that a development corporation will give Greater Cambridge the tools, certainty and investment ability needed to deliver an infrastructure-first approach to sustainable growth.
“The role of a development corporation is to stay true to a shared vision, through economic cycles, and deliver it. When we look back, there will be better transport; no shortage of, and better quality, water; there will be more open public spaces and more protected space for nature; there will be more jobs and more genuinely affordable homes.”
The consultation will run for eight weeks.