Greater Cambridge Development Corporation (Establishment) Order 2026

Lord Smith of Finsbury Excerpts

Wednesday 22nd July 2026 Lords Chamber

[Lord Smith of Finsbury (Lab)]

My Lords, with permission, I will express a few thoughts, and I speak as chancellor of the University of Cambridge. I welcome the establishment of the Greater Cambridge Development Corporation. It will, quite simply, speed things up and cut through bureaucratic delays.

We need to acknowledge the growth potential of our best universities, and Cambridge is, I am proud to say, one of them. The best place for start-up businesses in Europe is currently Cambridge. The alumni of the University of Cambridge in recent years have founded 2,600 venture-backed start-ups—more than anywhere else in Europe. We are rivalled only by the Bay Area in California and the other Cambridge and Boston area in Massachusetts.

Cambridge, since 2024, has raised more venture capital investment in deep-tech industries per capita than anywhere else in the world. We have had particular success in oncology, AI drug discovery, semiconductor manufacturing, chips and processing, cardiology and aerospace. The Government must recognise the world-class opportunity for catalysing growth that is represented by our leading universities, and especially by Cambridge. The development corporation is therefore very welcome.

I give three small words of warning, however. First, we have heard warm words before. The Oxford-Cambridge arc, especially the new rail link between Oxford and Cambridge, has been promised before. It must now happen.

Secondly, one other potential problem is the issue of water resources highlighted by the noble Baroness, Lady Bennett. At the moment, all of Cambridge’s water comes from boreholes dug into the aquifer below ground. In the long term, the huge pressure for development makes that resource unsustainable. I hope the Government will therefore do everything possible to ensure that the new Fens reservoir, which is desperately needed, can indeed happen.

Thirdly, there must be full and considered local consultation. I am delighted that the Minister has committed the Government to ensuring that that happens. The development corporation is a great start, but please make sure that Cambridge’s full potential is actually realised.