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UK Chancellor lays out plans for ‘Europe’s Silicon Valley’

Reeves said the Oxford-Cambridge "growth corridor" is a hub for globally renowned science and technology firms in manufacturing and AI

UK Chancellor Rachel Reeves has revealed her plans for a ‘European Silicon Valley’ between Oxford and Cambridge.

In a speech laying out plans to kickstart the UK’s economic growth, Reeves said Britain’s economy has “huge potential” and is at the “forefront of some of the most exciting developments in the world, like artificial intelligence”.

“Oxford and Cambridge offer huge economic potential for our nation’s growth prospects,” said Reeves.

“Just 66 miles apart, these cities are home to two of the best universities in the world, two of the most intensive innovation clusters in the world, and the area is a hub for globally renowned science and technology firms in life sciences, manufacturing, and AI.”

“It has the potential to be Europe’s Silicon Valley. The home of British innovation.”

Reeves did not expand on whether she sees the new development as taking the place of ‘England’s Silicon Valley’ which is based along the M4 corridor in Berkshire, Swindon and the Thames Valley.

The area is home to a number of media technology companies, including Sony, Adobe, TSL, Nvidia, and Panasonic.