Today (28 October) the Chancellor confirmed that the Greater Cambridge Development Corporation will be the first development corporation to pilot a new government financing model, giving it direct access to government finance for investment in land and infrastructure.
The pilot will provide the Development Corporation with greater flexibility over how funding can be used, helping to attract private sector investment and accelerate major development.
Peter Freeman, Chair of the Greater Cambridge Development Corporation, welcomed the announcement:
“The Budget is positive news for Greater Cambridge and for our commitment to infrastructure-first growth.
“This new model will give us greater certainty and flexibility to invest over the long term, helping us bring public and private investment together to get behind Greater Cambridge’s infrastructure, housing and placemaking priorities.
“Our mission is to create the conditions for high and sustained economic growth and ensure that success translates into better lives for the people who live here, ensuring that Greater Cambridge remains a place where communities and businesses can thrive for generations to come.
“Success will depend on all tiers of government, local communities, investors, developers, businesses and education providers working together to create opportunities for economic growth and secure the investment needed to deliver them. By combining our efforts, we can make sure that the benefits of growth are long-lasting and shared by everyone."
The pilot will provide the Development Corporation with greater flexibility over how funding can be used, helping to attract private sector investment and accelerate major development.
Peter Freeman, Chair of the Greater Cambridge Development Corporation, welcomed the announcement:
“The Budget is positive news for Greater Cambridge and for our commitment to infrastructure-first growth.
“This new model will give us greater certainty and flexibility to invest over the long term, helping us bring public and private investment together to get behind Greater Cambridge’s infrastructure, housing and placemaking priorities.
“Our mission is to create the conditions for high and sustained economic growth and ensure that success translates into better lives for the people who live here, ensuring that Greater Cambridge remains a place where communities and businesses can thrive for generations to come.
“Success will depend on all tiers of government, local communities, investors, developers, businesses and education providers working together to create opportunities for economic growth and secure the investment needed to deliver them. By combining our efforts, we can make sure that the benefits of growth are long-lasting and shared by everyone."