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NIC study on Cambridge-Milton Keynes-Oxford corridor – The government welcomes the NIC’s interim report into the Cambridge-Milton Keynes-Oxford growth corridor, accepts the recommendation for an Oxford-Cambridge expressway,14 and will provide £27 million in development funding. The government will also bring forward £100 million to accelerate construction of the East-West Rail line western section and allocate £10 million in development funding for the central rail section. The government welcomes the NIC’s work looking at a range of delivery models for housing and transport in the corridor, including development corporations, and will carefully consider its final recommendations. Following a successful public call for ideas, the government has also asked the NIC to undertake a new study on how emerging technologies can improve infrastructure productivity.

Since 2010, the Office for Budget Responsibility has provided an independent economic and fiscal forecast, to which the government must respond.

£556 million to Local Enterprise Partnerships in the North of England, £542 million to the Midlands and East of England, and £683 million to LEPs in the South West, South East and London.

The new capital investment I have announced today will provide the financial backbone for the government’s Industrial Strategy, which the Prime Minister spoke about on Monday.

The meeting was co-chaired by Jesse Norman, Parliamentary Under Secretary of State at the Department for Business, Energy and Industrial Strategy (BEIS) and Allan Cook Chairman of Atkins. This work is being led by the MOD but is closely aligned with the work on the National Industrial Strategy which BEIS are leading.