Chancellor Philip Hammond has supported a plan to build 100,000 new homes in Oxfordshire by 2031 in his Budget, with the promise of £215m for major road and rail projects.
Under the terms of the deal the Government will provide Oxfordshire’s six local authorities with £60 million of funding for affordable housing, £150 million of funding (£30m for five years) for infrastructure improvements that will benefit existing communities and unlock new development sites.
A further £5m will be provided to help with the costs of these projects.
Mr Hammond said the Government will support an 'ambitious' housing plan to build up to 100,000 homes in Oxfordshire within 14 years and to build infrastructure.
As part of the deal, the Government will provide £150m for major infrastructure projects over the next five years.
Mr Hammond told MPs: "Today we back their vision and commit to building up to a million homes by 2050, completing the road and rail infrastructure to support them.
"As a downpayment on this plan, we have agreed an ambitious housing plan with Oxfordshire to deliver 100,000 homes by 2031, capitalising on the global reputations of our two most famous universities and Britain's biggest new town to create a dynamic new growth corridor for the 21st century."
The Government will also provide £300,000 to look in ways of bringing the Cowley Branch Line back into use.
Separate bids to the Government’s Housing Infrastructure Fund (HIF), to support the development of the Didcot Garden Town, and West Oxfordshire and North of Oxford Garden Villages, are still being considered by Government with decisions expected in the new year.
In his keynote statement which he has just finished, he promised a £400m fund for new sockets for electric cars and an extra £100m for a plugin car charge.
Councillor Bob Price, Chair of the Oxfordshire Growth Board and Leader of Oxford City Council, said: “Today’s agreement is the basis for the next phase in Oxfordshire’s development – supporting the rapid growth of our economy and addressing the severe housing shortage we are facing."
Councillor Ian Hudspeth, Leader of Oxfordshire County Council, said: “Oxfordshire is getting its act together to meet the real challenges of economic growth and providing homes for the people of Oxfordshire, now and for future generations.
"Now we need to quickly provide government with a credible plan for housing growth to get the cash.
"For the first time, the different parts of Oxfordshire and the different interest groups within it will need to agree a vision for the future of the whole county that is in all our interests.”
Councillor Barry Wood, Leader of Cherwell District Council, said: “To be a successful district we must attract businesses that provide jobs and homes for local people and to do that we must firstly invest in the infrastructure to support this growth.
"This deal will help improve the connectivity, roads and transport links so we can accommodate the planned growth of the area and the demand this success will bring.
"District growth incorporates more than housing; it’s the economy, employment and skills sector that will be enhanced by the investment this deal will bring.”
Councillor James Mills, Leader of West Oxfordshire District Council, said: “Today’s budget announcement signals a significant step towards achieving infrastructure investment in Oxfordshire.
"Although work still needs to be done and decisions made, this is extremely welcome news as this level of investment would bring about major transport improvements and enable much-needed planned housing to be delivered, including additional affordable homes.”
Jeremy Long, Chairman of Oxfordshire Local Enterprise Partnership (OxLEP), said: “This announcement is extremely welcome news, recognising the collaborative approach taken by the Oxfordshire Growth Board to ensure that not just the county – but the wider region – benefits from a programme of sustainable growth.
Meanwhile, Labour was demanding large-scale investment in infrastructure to boost “sluggish” manufacturing industry, along with new cash for the public services, a major house-building programme and a pause in the Government’s flagship Universal Credit welfare reform.
Oxford East MP and shadow treasury minister Anneliese Dodds said the Chancellor was “tinkering at the edges” in terms of initiatives as UK living standards fail to grow and productivitiy is too low.
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