Contribution
I have already had a conversation with my right hon. Friend the Member for Oxford East (Anneliese Dodds) about the importance of Kennington bridge to supporting growth and the transformation of Oxford’s west end, and I recognise the significant interdependencies with the Oxford flood alleviation scheme. The hon. Lady should be in no doubt, and my right hon. Friend is in no doubt, that I have made the point to Ministers in the DFT, as my right hon. Friend has done directly. We recognise the importance of the project.
Another key priority for the corridor is affordable housing, which obviously falls within the responsibilities of my Department. We need to deliver ambitious housing with a strong sense of place, creating sustainable communities with a high quality of life. That is why we are taking a strong place-based focus through the work of my Department in Cambridge and Oxford in particular.
As my hon. Friend the Member for Cambridge mentioned, we have established the Cambridge Growth Company, which is chaired by Peter Freeman, whom I met again this morning, to drive forward plans for nationally significant growth in greater Cambridge. We are committing up to £400 million to this work to deliver more homes, commercial space and jobs, and have recently announced our intention to consult next year on a centrally led development corporation for the area. As my hon. Friend also mentioned, appointing a high-calibre chief executive to that work will be vital. I can assure him that the search for an exceptional candidate will begin shortly.
I appointed regeneration expert Neale Coleman CBE to lead work on the Oxford growth commission, which is supporting a programme of work to unlock stalled development sites and deliver much-needed housing, including social housing. My right hon. Friend the Member for Oxford East will be aware that 60% of our £39 billion social and affordable homes programme is targeted at social rented homes. We encourage providers in Oxford and across the corridor to put in ambitious bids when the programme opens in February.
The corridor could also benefit from our wider work on the new towns programme, with three of the 12 areas highlighted by the new towns taskforce—Tempsford, Milton Keynes and Heyford Park in Oxfordshire—identified as potential sites for development. Looking at the opportunities at the sites will be a key priority for my Department in the coming months. As hon. Members are aware, we have already commenced a strategic environmental assessment to explore the programme as a whole and the most appropriate sites to take forward.
We are also putting innovation first by combining public and private investment to unlock growth and support essential infrastructure. That is why we established the UK’s first AI growth zone in Culham, and why we have been able to support the reopening of the railway at Cowley to fully connect Oxford’s innovation districts. As I think the shadow Minister mentioned, that has enabled us to invest £15 million for the Cambridge innovation hub, creating a world-class space for science and entrepreneurship.
The corridor is already a huge focus for international investment. Lord Stockwood is the Minister who leads on investment in the ministerial delivery group, and his door is always open for any investors who want to look at opportunities in the corridor. I am sure that hon. Members will be aware of Universal’s plans to open a world-class theme park and resort in Bedfordshire, which we believe will generate a £50 billion boost for the economy and create approximately 28,000 jobs. That is an example of the Government’s growth mission in practice and of our realising the opportunities for growth, despite the shadow Minister’s pessimism on that front.
We want to go further, however, and to be ambitious in our support for more investment across the region. I was really pleased that the Chancellor launched our new investment prospectus for the corridor at the regional investment summit in October. It showcased a range of significant opportunities across the region and will be key to our ongoing work to attract inward investment and drive job creation across the corridor.
Before I wind up, I want to stress the importance of the environment. As we drive forward our ambitions for the region, it is essential to address environmental constraints and promote sustainable growth. Water scarcity is a key risk to growth in the region. The Government are determined to ensure that we get the infrastructure in place so that businesses and communities can grow and thrive. As I hope hon. Members are aware, we have fast-tracked plans for two new reservoirs in Oxfordshire and Cambridgeshire as part of a £104 billion private sector funding package. We are also implementing innovative approaches to water efficiency in Cambridge.