Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of the Oxford-Cambridge Arc on the economies of surrounding settlements.

The Chancellor has recently announced the government’s commitment to unlock growth in the Oxford-Cambridge Growth Corridor and the high potential sectors within it, building on the proposed route of East West Rail, as part of the government’s Plan for Change to kickstart economic growth.

The Oxford-Cambridge region is home to world leading universities and globally renowned science and technology firms. But the region's true potential is being held back by several constraints, including poor transport connections and unaffordable housing and we need to go further to address the key barriers to growth across this region to deliver benefits for the whole country. This region already accounts for over 7% of total UK GDP, contributing over £40 billion to the UK economy, and fully realising its potential could add a further £78 billion by 2035 according to industry experts.

More broadly, the government has extended the UK Shared Prosperity Fund for a further year, providing £900 million for local authorities to invest in local priorities right across the UK. This includes almost £1.9 million for Wiltshire in 2025-26.