Stevenage and Milton Keynes Emerge as Engines of Growth Alongside Oxford and Cambridge

The Supercluster Board’s new report, The Economic Power of the Oxford-Cambridge Growth Corridor, shows the UK’s most important innovation corridor is now firmly multi-centred, with Stevenage and Milton Keynes competing with Oxford and Cambridge on key economic measures. To fully capitalise on the economic opportunity that the Growth Corridor presents we are urging government to move faster on infrastructure decisions, particularly East West Rail, to unlock the next wave of investment.

 

Our major new report, reveals how growth across the Oxford–Cambridge region has broadened well beyond the two historic university cities. Britain’s New Towns, Stevenage and Milton Keynes – now compete with Oxford and Cambridge across turnover, employment and business density, underlining the emergence of a truly corridor-wide “supercluster”.

 

A £45bn knowledge-intensive economy – and growing

 

The research shows there are now 3,000 knowledge-intensive firms across the corridor, employing 152,000 people and generating £45 billion in annual turnover. These firms account for over a third of the region’s total economic output while representing just over a quarter of jobs, highlighting the corridor’s exceptional productivity.

When viewed more broadly, businesses across Oxford, Cambridge and the central corridor between them generate £135 billion in annual turnover and employ 570,000 people.

 

Over the past decade, employment growth across the region has grown 50% faster than the UK average, adding 125,000 jobs since 2015 and consistently outperforming national growth rates.

 

Central Corridor now goes Toe-to-toe with Oxford and Cambridge

 

New data for 2023–24 illustrates the scale of the central corridor’s rise:

 

• Total turnover: £56.8bn (central corridor) vs £46.2bn (Cambridge) and £32.2bn (Oxford)

• Employment: 223,661 vs 185,083 (Cambridge) and 160,798 (Oxford)

• Number of companies: 7,622 vs 5,708 (Cambridge) and 5,677 (Oxford)

 

This performance reflects the concentration of life sciences, digital, advanced manufacturing and defence businesses across places such as Stevenage, Milton Keynes, Bedford and Luton – all sectors aligned with the government’s priority industries.

 

Faster pace on Infrastructure and Governance.

 

Our report, created through the Supercluster Board’s Innovation Places Expert Panel, chaired by Nick Pettit, Senior Partner at Bidwells has been supported by organisations including AstraZeneca, Aveva, Ellison Institute, GSK, Airbus, Silverstone, Leonardo, and Oxford Science Enterprises.

 

Urging ministers to act quickly to maintain momentum, we are calling on the Chancellor of the Exchequer, Rachel Reeves to ensure that the Development Consent Order for East West Rail, expected in 2027, is examined and approved at pace. We believe that by committing to construction within this parliament would provide the certainty investors need and allow economic benefits to flow well before the railway opens.

Our report evidences the need for three immediate actions that we believe will unlock the corridor’s £78 billion growth opportunity.

 

1. Fast-track East West Rail approvals, with an accelerated examination timetable, adequate resourcing of the Planning Inspectorate and phased delivery starting this parliament.

2. Create a single Oxford–Cambridge Growth Corridor governance structure, covering the whole region and led by a figurehead empowered to align government, industry and universities.

3. Publish a supercluster-wide strategy and spatial plan, clearly prioritising sites for homes, labs and workspace alongside supporting infrastructure.

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The Economic Power of the Oxford-Cambridge Growth Corridor, was produced with the Centre for Business Research, University of Cambridge and Bidwells, and reinforces the corridor’s position as one of Europe’s leading innovation ecosystems. Importantly the report demonstrates that the Growth Corridor is no longer defined by two cities alone, but by a network of high-performing places connected by talent, technology and, crucially, the infrastructure needed to sustain long-term growth.