Cambridge will be getting an extra £10million to “unlock crucial local transport and health infrastructure”, the Chancellor of the Exchequer has said.

Jeremy Hunt made the announcement in his budget speech to parliament earlier today (March 6).

Mr Hunt also confirmed the creation of a Cambridge development corporation, something that has been expected as part of the government’s ‘Cambridge 2040’ ambitions for the area.

The government previously announced plans to see 150,000 new homes built in the Greater Cambridge area as part of its reported hopes to see the city become the ‘Silicon Valley of Europe’.

Last year the government appointed Peter Freeman, the head of Homes England, to lead the Cambridge Delivery Group, which was tasked with delivering the government vision for the city.

In his budget speech today Mr Hunt said: “I am pleased to announce the next steps for Cambridge to reach its potential to be the world’s leading scientific powerhouse.

“I confirm there will be a long term funding settlement for the future development corporation in Cambridge at the next spending review, with over £10million invested in the coming year to unlock delivery of crucial local transport and health infrastructure.”