Firms and potential investors in the region are being invited to get involved over the next 12 months as proposals are finalised to create a UK Silicon Valley based on hi-tech industries.

Up to 1million new homes could be needed across the corridor by 2050 and the Government has committed to a deal with Oxfordshire guaranteeing 100,000 new homes by 2031.

Current infrastructure commitments include an East-West Expressway of roads between Oxford and Cambridge including filling-in the “missing-link” between the M1 and Oxford.

Network Rail also has funding agreed to to deliver phase two of the East-West Rail from Bicester to Bedford and Milton Keynes to princes Risborough.

New stations are also under consideration at Cambridge South and Cowley.

The Government said: “The Cambridge – Milton Keynes – Oxford corridor is a national asset that competes on the world stage and fires Britain’s economy.

“The government invites stakeholders from across the region to work with it over the next 12 months to turn this high – level vision into a strategy that is capable of being delivered through an integrated programme of infrastructure investments, housing and business growth.”