The City Deal will see major improvements in local roads and public transport specifically tailored to link universities with the city's major industrial and research areas. Road links to the Science Vale Enterprise Zone will be improved, and the first phase of the new Science Transit public transport scheme will begin.
The Science Transit will eventually see buses and trains running frequently between the universities and key innovation and economic areas, using 'smart' tickets similar to London's Oyster cards, and with real-time travel updates available. The City Deal will see the scheme begin at key pinch points on the A34.
In addition, a network of 4 new innovation centres will give Oxford the tools to really make the most of its world-renowned science and research, creating jobs and driving the local economy for years to come.
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More than 18,000 long term jobs will be created through the deal, plus more than 30,000 construction jobs will be created to support the area's development. £55 million of central government funding for innovation, transport and skills will be combined with £40 million from local authorities to bring in £600 million from the private sector and create a total of almost 50,000 jobs in the area.
The announcement comes as the Deputy Prime Minister and Minister for Cities visit the Harwell science campus to sign the historic City Deal. They will meet staff who will benefit from the improved transport links and have a Q&A with more than 150 local people.
The Deputy Prime Minister will also announce today grant of over £1 million for innovation centre Element Six from the Regional Growth Fund. The cash will be used to extend research and development and create 24 jobs, further boosting the region.
Opportunities
Mr Clegg said: "Today we are signing over real power from Whitehall to Oxford, giving the people who know Oxford best an unprecedented opportunity to decide how to invest millions of pounds in the region.
"The Oxford City Deal will provide the improved roads and public transport links the area needs to make the most of its world class universities and innovative science facilities.
"By creating thousands of jobs and hundreds of new apprenticeships, this deal has the genuine power to change the fortunes of many people across the region, ensuring we are building a stronger economy and doing it fairly."
(CD/MH)
