Greater Cambridge could soon see a dramatic transformation, with plans to unlock thousands of high-quality homes, create new jobs, and improve infrastructure under proposals to establish a government-backed development corporation.

Announced on Wednesday, February 4, by Housing minister Matthew Pennycook, the initiative aims to accelerate nationally significant growth across Cambridge and the surrounding areas. The proposed corporation would focus on speeding up major development, assembling land, regenerating key sites, and attracting investment, building on up to £400million already committed by the Government to kickstart growth in the region.

"This centrally-led development corporation would provide the necessary powers, authority, and access to finance to unleash ambitious and sustainable growth in Cambridge and its environs," Mr Pennycook said.

He encouraged residents, businesses, and local leaders to take part in an eight-week consultation on the proposals.

The corporation is expected to support the creation of thousands of well-paying jobs in sectors including construction, bioscience, education, and hospitality, raising living standards for local communities.

It would also streamline planning powers to facilitate new homes, employment spaces, and critical infrastructure projects.

Chief Secretary to the Treasury, James Murray, described the move as a key step in boosting the Oxford-Cambridge corridor, enabling more homes, quality jobs, and investment in the region.

The proposals draw inspiration from previous development corporations that successfully drove regeneration in the UK, such as the London Legacy Development Corporation, which transformed Stratford ahead of the 2012 Olympic and Paralympic Games.

Peter Freeman, Chair of the Cambridge Growth Company, welcomed the plans, noting that the area has a strong track record of sustainable growth but faces barriers that a development corporation could help overcome.

Freeman said the corporation would make Cambridge and surrounding towns more liveable, with better transport, more open spaces, genuinely affordable homes, and long-term infrastructure improvements.

The consultation will invite views on whether a development corporation should be established, its objectives, areas of operation, and planning powers, as well as how it would engage with local communities, businesses, and authorities.

These proposals build on previous government commitments, including funding for new transport links, affordable housing, innovation hubs, water efficiency programs, and science start-up labs.

Residents and stakeholders are encouraged to respond to the consultation and help shape the future of Greater Cambridge.