Plans to took a big step forward this week when the council agreed terms with Cranfield University to become the lead higher education provider.

Currently known as MK:U, it is planned the university complex would have around 5,000 students with the first cohort arriving in 2023.

Cranfield’s educational, technological and industrial partners on MK:U include Grant Thornton, MK College, Microsoft and Tech Mahindra.

The university will be designed as an education institution for the 21st century, delivering a distinctive STEM-focused undergraduate courses in key areas like digital, cyber, autonomy, robotics and artificial intelligence.

In each of the university’s key areas of focus, there would be a lead business partner.

New university would be at the heart of the Cambridge, Milton Keynes and Oxford innovation corridor.

Councillor Peter Marland, Leader of Milton Keynes Council, said: “We identified how a university focused on technology could benefit our economy, especially coming alongside the development of the Cambridge-MK-Oxford corridor which also holds great promise.

“This will be the first university anywhere designed as a response to the challenges facing cities today and in the future. We’re delighted to be entering this next chapter with Cranfield University.”

The next step is an 18-month feasibility study, which will consider the planning, design and financing of the new university.