Ministers urged to give Oxford £1bn deal and extra powers

The city of Oxford needs extra powers and funding to help it play a key role in the UK’s post-COVID recovery, according to a new report.

The report by the think-tank Localis calls for a £1bn endowment deal for the city to help it accelerate the successful growth of the Oxford to Cambridge Arc into a world economic area through health-tech and clean growth industries.

It argues Oxford’s economy already generates £6.75bn each year and is a net contributor to the Treasury.

The endowment deal would give Oxford City Council and partners power to:

• target investment in key physical and transport infrastructure requirements;
• build the capacity needed to develop a skills supply chain;
• give strategic planning powers relating to Oxford’s decarbonisation targets;
• and allow for city led investment strategies on social, digital, and smart energy infrastructure.

In addition, the report argued that in order to deliver accelerated growth, the city needs strong local governance and growth powers to tackle transport and housing bottlenecks through delivering physical, digital and social infrastructure at pace alongside a long-term investment strategy which would enable Oxford to compete with its international peers.

Additionally, Oxford alongside other cities key to the Arc’s future growth, including Cambridge, and Milton Keynes need to have a clear voice within its governance, including direct representation on the proposed Arc Growth Body, the study claims.

‘If the UK is to remain globally competitive, then it needs a successful innovation ecosystem. As our leading knowledge economy hub, there is a clear national strategic case to ensure Oxford, and everything that makes it unique as a compact global city, is able to succeed as the dynamo for the Oxford/Cambridge Arc,’ said Localis chief executive, Jonathan Werran.

‘A devolution revolution which would enable Oxford to deliver good and sustainable long-term growth has the potential to spearhead regional and national growth recovery long into the future.’

The leader of Oxford City Council, Cllr Susan Brown welcomed the report.

‘Over the past year our city has already demonstrated its importance on the world stage. Working with our partners across Oxfordshire and beyond, we want to see the economic power of Oxford working for the local and national economy and delivering more and better paid jobs for local people,’ added Cllr Brown.

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