Budget 2024: Top 5 asks from the East

For too long, the East of England has been overlooked. While we understand the current financial challenges, we have urged the Chancellor to use the latest budget to finally support a region that offers the greatest value for money and the highest infrastructure return on investment. The East is home to some of the UK's most productive industries in construction, manufacturing, life sciences, agritech and clean energy. With the right investment and backing, our region has the potential to significantly boost national prosperity, this is in complete alignment with ‘INVEST 2035’, the UK’s new modern Industrial Strategy.

Our top 5 Budget 2024 Asks:

1) Unblock Infrastructure delays to keep the East and the rest of the country moving

If we want the East to thrive, we need a stronger commitment to completing infrastructure projects. This isn't about spending vast sums; it's about finally backing the East and actually 'greenlighting' key projects like the Ely North and Haughley rail junctions, vital upgrades to the A14, A47, A12 and A120, and establishing a proper East-West rail connection. It is time to stop delaying and start delivering. These are the growth principles of the new Government. Every economic study emphasises that a modern, interconnected transport network boosts productivity, aligning perfectly with Invest 2035's vision to modernise UK infrastructure. These projects are crucial for the East to fulfil its potential as a key trade and logistics hub.

2)  Invest in Science and Innovation

Cambridge is a world-renowned centre of emerging technologies, but innovation doesn’t stop at its boarders; it's time to leverage other parts of the region. We hope the Chancellor will expand R&D tax incentives, further support sandboxing, invest in tech incubators, and strengthen regional innovation hubs like Norwich’s agritech centre, and Stevenage’s biotech cluster. Additionally, we need backing for start-ups seeking to scale up. As of 2023, Cambridge alone has produced 23 businesses that reached the $1 billion ‘unicorn’ status, making it one of Europe’s largest technology clusters - but many have reached a certain size and moved abroad. We have the talent, the ambition, and the capital markets to start, scale, and grow businesses right here in the East.

3) Give the East More Control through Genuine Devolution

We are tired of waiting for permission from Whitehall. It is time to devolve powers for transport, tax revenues, housing, healthcare and skills to local authorities across the East. We know what is best for our region. Give us the autonomy to make it happen, and you’ll see results, fast.  Further devolution will ensure that development strategies are correctly tailored to the region’s unique needs, exactly like in other regions of the country. Again, this is in line with Invest 2035’s support for regional empowerment and the focus on local accountability.

4) Make the planning system work to create affordable housing for the East

The East’s property boom has priced out too many, pushing talent further away from our employment hubs. We need a housing and infrastructure strategy that supports affordable homes, not just in Cambridge, but across the region. The East has the industries of the future, but not enough skilled workers to fill them. It’s time to build housing that keeps our talent, young people, and families rooted here. We all know that water scarcity is stalling economic growth in the East, restricting the region's capacity to support new developments and attract investment. We must accelerate the development of utility infrastructure to address this challenge. The housing targets highlighted in Invest 2035 are ambitious, but achievable if we get things right, now!

5) Support local manufacturing

The Industrial Strategy requires us to make strategic choices. To have the greatest impact, we must focus on sectors that offer the highest growth potential for the economy and businesses, particularly where the UK has both established and emerging strengths. We excel in ground-breaking technology, and now we need to ensure it is manufactured here. We have the space; we can further develop the expertise, and have the ambition to become a manufacturing powerhouse. Targeted investment in areas like Peterborough, Ipswich, and the Fens could transform our region. Major companies, such as AstraZeneca, are already expanding their manufacturing presence, proving that this is the right place to build. We need more of it. Despite significant decline over the past 50 years, manufacturing remains an important industry for the UK and the region. Advanced manufacturing is a key growth sector and should be at the heart of the East's future. 

The East of England has waited long enough. The talent, the innovation, the ambition, it’s all here. What we need now is a government that listens and acts. It’s time to put the East on the national agenda and recognise it as the powerhouse it already is. We’ve always been ready to contribute; it’s time for Westminster to show they are too!