Chancellor of the Exchequer backs Trinity’s vision for Cambridge Science Park

The Rt Hon Rachel Reeves MP, Chancellor of the Exchequer, has backed Trinity College’s masterplan for Cambridge Science Park, which will triple the capacity for science and tech companies, and create more than 20,000 highly skilled jobs over the next 30 years.

Trinity College has submitted its £3bn plans to expand Cambridge Science Park for planning consent, outlining a once-in-a-generation opportunity for economic growth in the region and beyond.

The Rt Hon Rachel Reeves welcomed the news on LinkedIn

Trinity College founded Cambridge Science Park in 1970, the first in the UK, and it has been a cornerstone of the Cambridge Phenomenon for over half a century, turning world-class science into jobs, investments and exports, generating around £1bn in gross value added each year.

The Master of Trinity Dame Sally Davies said the College was immensely proud of Cambridge Science Park and the remarkable way it had impacted billions of lives through innovations in medical diagnostic tools, cancer drugs and communications technology.

That ambition remains. We know that if the Science Park is to continue to serve the needs of people around the world, it must continue to grow.

That is why we are submitting a masterplan for the next half century of growth, as a vibrant, collaborative and inspiring place to learn, to work and to enjoy.  This plan will see as many as 27,000 people working at Cambridge Science Park, whilst opening up the new Park of Science to the young people and families of Cambridge and the towns and villages around.

Our plans will ensure that Cambridge Science Park, like our College and University, continues to stand testament to the power of collaboration: between scientists, between educators and children, between business and research, and between the generations – the scientists of today and those who will meet our world’s pressing needs tomorrow.

Trinity’s plans will unlock £1bn of planned investment by the College and its leasehold partners, with a further £2bn expected over 30 years. This could see the Park’s annual gross value added rise from £1bn to over £3bn.

Jane Hutchins, Director of External Relations at Cambridge Science Park, said the privately funded initiative provided certainty rare in modern development. By creating jobs that will give birth to industries that do not yet exist, Cambridge Science Park will keep Britain competitive against America and Asia in sectors defining the next century.

‘With approval, we cannot wait to see the industries of the future being created here in Cambridge,’ she said.

The project will also create a new, public Park of Science with green routes, lakes and biodiverse spaces to foster collaboration, an outdoor museum of science, and places to meet and eat.

Improved transport via busways and rail will cut car dependency. The masterplan commits to local education through apprenticeships and skills programmes, ensuring benefits reach communities from King’s Hedges to Peterborough.

Roland Sinker, Chairman of Innovation & Growth, University of Cambridge, said:

This masterplan sets the direction for the next 50 years, shaping a place where world-class innovation can thrive in an environment that is open, sustainable and welcoming to all.

By opening the Park of Science and widening access to STEM opportunities for local children, the Science Park will inspire the next generation of innovators. It will be a place where curiosity is sparked early and ambition can grow. From school pupils to leading researchers, this is where people can be inspired to pursue ideas that change lives – advancing the mission of the University to serve society through discovery and knowledge.

Nationally, the masterplan is a strong vote of confidence in the UK as a science and technology leader. The Park’s expansion will create thousands of high quality jobs, contribute billions to the national economy, and help ensure that the breakthroughs of the future are developed here in the UK.

This project reflects the strength of collaboration between the University, Trinity, the wider collegiate community and our partners in local and national government.

Together, as long-term stewards of Cambridge’s future, we are ensuring our city remains the best place in the world to innovate, while delivering real prosperity for the region and the country as a whole.