It must be Christmas when, in an era of severe economic austerity, Oxford University can announce a new initiative worth £800m.

In a resounding display of self-confidence every other sector of the economy must surely envy, the university has revealed its plan to create a new-look science area in South Parks Road which, when coupled with other projects already approved, will boost its predicted spend to well over £1bn.

It clearly all adds up to a dramatic boost in the local economy. After all, what is good for the university is good for the city and county too.

Plus, if all of the above was not enough, the proposal should see the crammed science area bordering University Parks transformed and pedestrianised, changing the “aesthetic of the site from one that is dominated by traffic to one that is more pedestrian and cycle friendly.”

The icing on the cake? A pledge by the university that the new buildings “live up to the reputation of Oxford, so the best architects be recruited to create world-class buildings.”

Little wonder the festive lights look so bright in the city right now.