New Body Proposed to Boost Jobs, Homes in Greater Cambridge

Plans could unlock more affordable homes, thousands of good jobs, transport links and business expansion in the region.

Published on Feb. 4, 2026

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The UK government has launched a consultation to establish a new development corporation in Greater Cambridge. The proposed body would have the power to accelerate major development, assemble land, regenerate key sites, and bring in new investment to the region. The goal is to unlock thousands more high-quality homes and jobs across the Greater Cambridge area as part of the broader Oxford-Cambridge corridor growth plans.

Why it matters

Greater Cambridge is a major economic hub, home to world-class universities, thriving tech and bioscience sectors, and significant population growth. However, the region has also faced challenges with housing affordability and infrastructure constraints. A new development corporation could provide the tools, funding, and long-term vision needed to drive sustainable and inclusive growth in the area.

The details

The proposed development corporation would have powers to speed up major projects, assemble land, regenerate sites, and attract new investment. This could support the creation of thousands of high-paying jobs in sectors like construction, bioscience, education, and hospitality. The government has already committed up to £400 million to kickstart development in the Greater Cambridge area, including funding for new transport links, affordable homes, and innovation hubs.

  • The government launched the consultation on February 4, 2026.
  • Within months of entering office, the new government signaled a 'reset moment' with Cambridge leaders to drive forward long-term growth plans for the city and surrounding areas.

The players

Matthew Pennycook

The UK's Housing and Planning Minister, who announced the proposed development corporation for Greater Cambridge.

James Murray

The UK's Chief Secretary to the Treasury, who said the new body will help accelerate development and drive investment across the Oxford-Cambridge corridor.

Peter Freeman

The chair of the Cambridge Growth Company, which is working with local partners to remove barriers to growth in the region. He believes a development corporation will provide the tools and investment needed for sustainable growth.

Cambridge Growth Company

A local partnership working to drive growth and prosperity in the Greater Cambridge area.

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What they’re saying

“This government is determined to realise the full potential of Greater Cambridge to the benefit of its existing communities and the country as a whole.”

— Matthew Pennycook, Housing and Planning Minister (Mirage News)

“We have huge ambitions for the Oxford-Cambridge corridor. This is an important step that will accelerate development in Cambridge and drive investment and growth for the whole country.”

— James Murray, Chief Secretary to the Treasury (Mirage News)

“I strongly believe that a development corporation will give Greater Cambridge the tools, certainty and investment ability needed to deliver an infrastructure-first approach to sustainable growth.”

— Peter Freeman, Chair, Cambridge Growth Company (Mirage News)

What’s next

Residents, local leaders, and businesses in and around Greater Cambridge are being invited to provide feedback on the proposed development corporation, including its geographic coverage and planning powers.

The takeaway

The creation of a new development corporation for Greater Cambridge represents a significant opportunity to unlock the region's full economic potential through coordinated, long-term planning and investment. If successful, it could serve as a model for driving sustainable and inclusive growth in other high-potential areas across the UK.