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.
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