Along with an expansion of Heathrow Airport, the chancellor announced the government’s backing for housing, transport and other investment in the Oxford-Cambridge corridor, which she said could become “Europe’s Silicon Valley” and add £78 billion to the UK’s economy by 2035. Rachel Reeves also declared government support for the redevelopment of the area around Manchester United’s Old Trafford stadium. Along with these investments, Reeves announced other key points such as a £65 million investment by the National Wealth Fund in expanding electric vehicle charging infrastructure. Report by Faragt. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
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00:00Oxford and Cambridge offer huge potential for our nation's growth prospects.
00:06Only 66 miles apart, these cities are home to two of the best universities in the world.
00:13And the area is a hub for globally renowned science and technology firms.
00:19This area has the potential to be Europe's Silicon Valley.
00:23To make that a reality, we need a systematic approach to attract businesses to come here and to grow here.
00:32At the moment, it takes two and a half hours to travel between Oxford and Cambridge by train.
00:38We are funding the transport links needed to make the Oxford-Cambridge Growth Corridor a success,
00:44including East West Rail, with new services between Oxford and Milton Keynes starting this year,
00:50and road upgrades to reduce journey times between Milton Keynes and Cambridge.
00:57East West Rail will also support vibrant new and expanded communities along the route.
01:03We have already received proposals for new towns along the new railway, with 18 submissions for sizeable new developments.
01:12The Oxford-Cambridge Growth Corridor could add up to £78 billion to the UK economy by 2035,
01:22driving investment, innovation and economic growth.
01:27We are supporting key investment opportunities across the UK.
01:32The government is also backing Andy Burnham's plans for the redevelopment of Old Trafford,
01:38which promises to create new housing and commercial development around a new stadium,
01:44to drive regeneration and growth in the area.
01:48Today, I can announce two further investments by the National Wealth Fund.
01:53First, a £65 million investment for Connected Kerb, to expand their electric vehicle charging network across the UK.
02:03And second, a £28 million equity investment in Cornish Metals,
02:09providing the raw materials to be used in solar panels, wind turbines and electric vehicles,
02:15supporting growth and jobs in the south-west of England.