What does the 2023 Budget mean for the development of the Cambridgeshire Region?
The Chancellor’s announcement includes some interesting Budget Red Book extracts relevant to the development community in our region. These are:
Budget References to Oxford-Cambridge Corridor
Paragraphs 3.98 and 3.99 of the Red Book, which is below the title ‘Life Sciences’ and reads:
“ 3.98 The UK is a world leader in the life sciences industry, with significant R&D hubs such as Cambridge’s Biomedical Campus. East-West Rail-the line joining Oxford and Cambridge-will support further growth in life sciences and other high-productivity sectors across the region, connecting businesses and talent. In May, the government will confirm the route for the new Bedford-Cambridge section, and will provide capacity funding to support local authorities to develop their plans for strategic economic growth around new stations.
3.99 Boosting the supply of commercial development, in particular lab space, is key to supporting R&D needs and driving investment into high value industries across England, such as the life sciences and advanced manufacturing sectors in the Oxford-Cambridge corridor. Following the recent National Planning Policy Framework consultation the government will set out further details for supporting growth in this area in due course. “
Budget announcement on nutrient neutrality
Paragraphs 3.132 and 3.133 announces new nutrient neutrality credit scheme.
The paragraphs read:
“ 3.132. High levels of nutrient pollution in protected sites are stalling housing delivery across 74 Local planning Authorities, reflecting a major barrier to the government’s ambition of delivering 300,000 homes per year. The government has already provided significant support for protected sites that are affected, both to address the pollution at source and to support housing developers to deliver their environmental obligations.
3.133. In recognition of the scale of the impact, the Spring Budget announces further support to ensure ‘ nutrient neutrality’ obligations can be efficiently delivered, thereby reducing the risks facing developers building homes in affected areas. DLUHC will shortly launch a call for evidence from Local Planning Authorities, backed by a commitment to provide funding for high-quality, locally-led nutrient mitigation schemes. “
The CDF will be reviewing these items and their impact on our membership over the coming weeks.
