Chancellor Jeremy Hunt has unveiled a significant financial commitment for the expansion of Cambridge’s role as a leading scientific hub. In his budget declaration on 6 March, Hunt emphasised the strategic plans to enhance Cambridge’s potential, including a multi-million-pound investment from AstraZeneca for growth in the region and a dedicated funding arrangement for a future development corporation in Cambridge, to be detailed in the upcoming Spending Review.
This funding, exceeding £10 million, aims to advance crucial local transport and health infrastructure, laying the groundwork for Cambridge to assert its position as a premier global scientific centre. This move follows Housing Secretary Michael Gove’s announcement in December about a development corporation set to facilitate the construction of over 150,000 homes in the vicinity over the next two decades, highlighting the city’s exceptional national significance and the need for a tailored approach to its development.
The government has also appointed Peter Freeman, head of Homes England, to spearhead the Cambridge Delivery Group, tasked with realising the government’s vision for the city. Further bolstering Cambridge’s scientific community, AstraZeneca announced a £650 million investment to enlarge their presence on the Cambridge Biomedical Campus and establish a vaccine manufacturing centre in Speke, Liverpool. This investment not only underscores the government’s support for the life sciences sector but also AstraZeneca’s commitment to global health, having previously distributed their COVID vaccine to developing countries at cost, saving millions of lives.
Moreover, an additional investment of £10.2 million is allocated to support the Cambridge Biomedical Campus, Europe’s premier medical research and health science hub. This includes £7.2 million for enhancing local transport connections and £3 million for Cambridge University NHS Trust to facilitate growth plans.
Chancellor Hunt also announced tax measures aimed at supporting households, including a national insurance tax reduction, as part of a broader financial package aimed at fostering long-term growth amidst the UK’s economic challenges.
Mike Derbyshire from Bidwells has praised the government’s recognition of Cambridge’s life sciences industry as a pivotal economic growth driver, emphasising that AstraZeneca’s investment highlights the sector’s potential. The success of these initiatives, however, hinges on the government’s commitment to improving transport infrastructure, streamlining the planning system for lab space, and investing in housing and general infrastructure to attract further sector investment.
Cambridge stands as an attractive investment destination, not just for its historical and academic prestige but also for its burgeoning potential as a scientific and economic powerhouse. With strategic government and private sector investments, Cambridge is well-positioned to leverage its unique assets for substantial growth and innovation, reinforcing its status as an ideal location for investment and development in the life sciences and beyond.