Stevenage and Milton Keynes’ growth now rivals Oxford and Cambridge, as multi-national tech and pharma firms call for Reeves to accelerate growth across the “supercluster”

• There are now 3,000 “knowledge intensive” firms, with 152,000 employees and £45 billion of annual turnover – representing over a third of the economy across the Oxford to Cambridge supercluster
   

• Knowledge-intensive firms generate around a third of the supercluster’s turnover from just over a quarter of corporate jobs – meaning significantly higher turnover per employee than the rest of the regional economy
   

• Business chiefs want East West Rail – the new line between Bedford and Cambridge – to commence construction during this parliament to create singular, better-connected labour market and drive inward investment
   

A major new report from companies including AstraZeneca, GSK, Airbus, the Ellison Institute of Technology, Aveva, Bidwells, Leonardo, Silverstone and Darktrace has revealed the extent to which growth has now spread across the Oxford-Cambridge region, with Milton Keynes and Stevenage now rivalling the two historic university cities across a range of metrics.
 

Momentum around the “supercluster” running from Bedford in the west to Cambridge in the east has centred on high-growth tech and science companies in Cambridge and Oxford. But new data from the Oxford Cambridge Supercluster Board shows for the first time how Britain’s original New Towns – Stevenage and Milton Keynes – now go toe-to-toe with the oldest university towns on the planet.

​

​

​

​

​

​

​

​

​​

​

The report, backed by 46 organisations including universities, listed companies and global investors, urges chancellor Rachel Reeves to move quicker in order to propel the growth by speeding up the delivery of infrastructure and homes.
 

While the government is moving ahead with East West Rail, which proposes to establish a new train link between Oxford and Cambridge via Milton Keynes and Bedford, there is a fear it may not be completed within this parliament because the Development Consent Order – which allows the government to build infrastructure – won’t be submitted until 2027. This means trains might not run the full route until 2035.
 

The report sets out three practical steps the government should take now to bring forward the Oxford-Cambridge corridor’s £78 billion growth opportunity, an estimate from the Oxford-Cambridge Supercluster Board and Public First of the additional gross value added the region could deliver if growth is accelerated:
 

• First, accelerate East West Rail as the critical enabler of the Growth Corridor by bringing forward the Development Consent Order, shortening the consultation and approvals timeline, and prioritising delivery of the Milton Keynes to Cambridge section so the Cambridge leg is operational well before 2035 and the £78 billion GVA opportunity is realised sooner.
   

• Second, establish a dedicated Oxford-Cambridge Growth Corridor governance structure covering the whole region – not just Oxford and Cambridge – bringing together government, industry and universities with a single figurehead empowered to cut through red tape, align departments and maximise growth benefits across the central corridor including Bedford, Milton Keynes, Luton, Stevenage and key campuses.
   

• Third, publish the supercluster-wide strategy and spatial plan – a single, public blueprint that sets out which sites are prioritised for new homes, labs and workspace, and what supporting infrastructure is needed.
   

The call comes almost a year after science minister Lord Vallance set out ambitions for the corridor and pledged coordinated action across transport, housing and infrastructure. Business leaders welcome the government’s focus on the Oxford-Cambridge region but say the overarching, region-wide plan has yet to materialise.
 

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 also finds that 3,000 ‘knowledge-intensive’ firms employing 152,000 people and generating £45 billion in annual turnover are spread along the Oxford-Cambridge corridor.
 

Beyond just knowledge intensive firms, businesses in Oxford, Cambridge and the central region between them generate £135 billion in annual turnover and currently employ 570,000 people.
 

Over the last ten years, employment growth in the Oxford-Cambridge arc has been 50% faster than the rest of the UK. The corridor has grown consistently ahead of the national economy across every measured period, with employment rising by 1.5% a year from 2014-2024 versus 1.0% across the UK as a whole. Since 2015 alone, that momentum has translated into 125,000 additional jobs in the region.
 

This latest research supports the government’s latest industrial strategy by showing the corridor’s strengths in life sciences, digital and technology, advanced manufacturing and defence, which are all nominated as ‘priority sectors’ for the government. These priority sectors represent 27 percent of the region’s employment.

Shaun Grady, Chair, AstraZeneca UK, based in Cambridge, said:
“Oxford and Cambridge are home to truly world class science – including major research institutions, globally-renowned universities, and outstanding hospitals. Linking these centres of excellence with talent and scale-up facilities across the region will shorten innovation cycles and strengthen supply chains, helping to grow the UK’s high value, knowledge-intensive industries.
 

“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.”
 

“With the Cambridge x Manchester Innovation Partnership developing alongside, we can ensure benefit is derived and value created across the country.”

 

Robert Scott, GSK’s Vice President of Human Genetics and Genomics, based in Stevenage, said:

“As a UK-headquartered biopharma company investing £1.5bn last year in UK R&D, and with our Stevenage global R&D hub in the heart of the Golden Research Triangle of Oxford-Cambridge-London, we value the region’s concentration of knowledge, expertise, and opportunity for partnership. In life sciences, the opportunity to collaborate both globally and locally is essential to accessing and driving the innovation required to drive productivity, growth and jobs that will help us bring new medicines to prevent and treat disease in the patients who depend on us.”

 

Prof Simon Harwood, UK Capability Development Director at Leonardo, based in Luton, said:
“A cluster becomes a supercluster when innovation is no longer confined to two cities but distributed across a connected region. That is exactly what is happening between Oxford and Cambridge. The supercluster will allow us to take a solid existing base and build greater.”
 

“This new report sets out a compelling case for East West Rail not merely as a transport link, but as an essential hub aligned with national industrial strategy and the need for long-term export growth.”

 

Lisa Flashner, Chief Operating Officer of the Ellison Institute of Technology, based in Oxford, commented:
“The Oxford-Cambridge Supercluster exemplifies our mission of turning knowledge into impact through connectivity and collaboration. Linking talent and infrastructure across the corridor accelerates innovation and drives sustainable growth.
 

“The report makes clear that business parks and campuses are now the backbone of that process. Strengthening the east-west network knits these places into a single ecosystem, accelerating the kind of breakthroughs and translational work that sit at the heart of what the Ellison Institute of Technology does.”

 

Ed Bussey, Chief Executive Officer of Oxford Science Enterprises, based in Oxford added:

“The OxCam supercluster strives to be a genuine driver of UK competitiveness. Here in Oxford, we have some unique advantages, not least the University and the world-beating academic talent on our doorstep. But only by joining forces regionally can we win globally – whether we’re seeking lab space suitable for scaling companies or co-investing in high-potential businesses with our neighbours. We are deeply committed to working with our regional partners to further the UK’s global competitiveness.”

 

Stuart Pringle, Chief Executive Officer of Silverstone, based in Silverstone, West Northamptonshire said:

“It is pleasing to see the knowledge intensive businesses performing so strongly across the Oxford to Cambridge Growth Corridor and with locations such as Silverstone being an important part of this success story. Silverstone Park and surrounding areas are increasingly a destination for innovative, and particularly advanced engineering businesses including next year’s addition to the Formula 1 grid, Cadillac. The opening of the next phase of East West Rail in early 2026 will further help to improve access for these businesses at the heart of the Growth Corridor.

“In the week that Great Britain proudly watched Lando Norris become its record 11th Formula 1 World Champion, it is wonderful to see that Silverstone is helping produce winners both in business as well as on the track.”

 

Nick Pettit, Senior Partner at Bidwells, based in Cambridge added:

“Growth doesn’t abide by historic city boundaries, as shown in data covering the stretch between Oxford and Cambridge. Business parks and smaller cities throughout the corridor are already powerful drivers of growth, but are still being held back by fragmented connectivity. East West Rail is the missing piece that will connect those markets, but the government must match it with planning certainty and rapid delivery of housing and high-quality workspace along the route.”

 

Caspar Herzberg, Chief Executive Officer of AVEVA, based in Cambridge said:
“AVEVA has deep roots in Cambridge; the city remains our global headquarters and a major R&D hub.  We continue to invest in, and grow, our footprint in the region, drawing on the rich local talent pools and our collaboration with the university’s world leading expertise in science, technology and sustainability.  Our business has grown to be a global technology leader from its origins as a Cambridge university spin out, and today we are scaling novel tech ventures on our industrial intelligence platform.”

 

Dr Andy Williams, Chair of the Oxford-Cambridge Supercluster Board, whose members are based across the region, added:
“This report is an important milestone. It proves what many of us knew – that there is a vibrant, knowledge-intensive regional economy far beyond the dreaming spires of 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. If we bring forward the Development Consent Order and accelerate the most complex section between Milton Keynes and Cambridge, we can keep the corridor on track to deliver an estimated £78 billion of additional value much sooner.”