A Vision for the Future: Cambridge's Strategy to Drive National Growth
An open letter from prominent Cambridge leaders, including the University’s Vice-Chancellor, has been sent to the government to present their strategy for significantly contributing to national economic growth.
Cambridge believes it can be a major driver of national economic recovery. The region already generates over £50 billion annually for the UK economy and is ready to do even more.
Groundbreaking discoveries, from Newton’s laws to the structure of DNA, mark Cambridge rich history of innovation. This legacy, underscored by 125 Nobel Prizes awarded to members of the University of Cambridge, drives the city’s commitment to building a better future.
The UK is facing important economic decisions. The upcoming Spending Review will be crucial. Given the current economic difficulties, it’s vital to invest in growing sectors and prioritize collaboration.
The Cambridge area is home to world-leading hubs in key emerging industries like AI, genomics, life sciences, cybersecurity, advanced therapies, and semiconductor design. Two major universities drive this innovation. The region fosters new technologies and successful startups, generating over £50 billion in turnover and contributing roughly £1 billion to the Treasury each year.
Cambridge’s success benefits the entire UK, creating jobs nationwide and supporting other emerging innovation hubs. “Innovate Cambridge” is a new initiative designed to accelerate innovation across different sectors, working closely with the NHS to advance life sciences.
Investing in Cambridge’s infrastructure—housing, water systems, and transportation—is essential to support future innovation and growth. Past underinvestment has hampered progress for Cambridge, the region, and the nation.
Need For Partnership With The Government
Cambridge emphasizes the need for partnership with the government and welcomes the reappointment of Peter Freeman to the Cambridge Growth Company. Cambridge is renewing its commitment to the UK and is focusing on three key priorities: purpose, partnership, and pace, under the banner “Cambridge Can 2030.”
Purpose: Cambridge aims to contribute significantly to the UK’s success. This requires investment in housing, new hospitals, lab and clinical space, improved transportation (including East West Rail), and new water reservoirs to address the water shortage. These developments must focus on people’s jobs, skills, community, and leisure opportunities, ensuring that new housing creates true homes.
Partnership: Cambridge is actively building partnerships, including with Manchester, with senior leaders from both cities collaborating. Cambridge is also encouraged by the growing number of entrepreneurs and institutions signing the “Cambridge Pledge,” committing a portion of their future wealth to social impact investment in the community.
Pace: Cambridge recognizes the urgency to act quickly in the global competition for talent and ideas. International competition is intensifying, impacting Cambridge firms.
Cambridge past achievements demonstrate its potential to be a national leader. Supporting Cambridge will create jobs across the UK and pave the way for future £10 billion life science and tech companies. While success isn’t guaranteed, it is achievable with the right support.
Cambridge urges the government to capitalize on the present opportunity. While acknowledging existing challenges, Cambridge remains optimistic and ambitious, believing in a bright future for the UK, driven by its people’s ingenuity. Cambridge is ready to play a vital role in achieving this.
