High-tech firms in Oxfordshire could generate up to £1bn in extra revenue, report claims
A new report commissioned by the University of Oxford and Science Oxford, and written by economic consultancy SQW, has revealed that Oxfordshire has the potential to generate an extra £1bn in economic output for the UK thanks to its growing cluster of high-tech businesses.
The report, entitled “The Oxfordshire Innovation Engine – realising the growth potential”, highlights the county’s outstanding strengths in specialised technology areas such as bioscience and medical, motorsport, space science and ICT and estimates that there are 1,500 high-tech firms at present, employing a total of 43,000 people.
And the study claims the county could produce an additional £1bn in gross value added – a key measure of output – over the next ten years if certain steps are taken, such as upgrading transport infrastructure, particularly the A34, expanding the University of Oxford’s activities at Begbroke and developing space in Oxford for start-ups and growing businesses.
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