What do government plans mean for Cambridge?
Rachel Reeves said the area has "the potential to be Europe's Silicon Valley", but a lack of affordable housing, no direct train service between the university cities and a lack of water supply in one of the driest regions in the country had held this back.
"To grow, these world-class companies need world-class talent who should be able to get to work quickly and find somewhere to live in the local area," she said.
So, what has been confirmed for the Cambridge area?
The Environment Agency has lifted its objections to developments around Cambridge, delivering 4,500 homes, plus associated facilities such as schools, as well as office and laboratory space in the city centre at the Beehive Centre
The government will let water companies unlock £7.9bn in investment to build new reservoirs, including a new Fens Reservoir to serve Cambridge
Funding has been confirmed for transport projects, including the East West Rail, and an upgrade on the A428 between Milton Keynes and Cambridge
The new Cambridge Cancer Research Hospital will be prioritised
Support has been confirmed for a new East Coast Mainline station at Tempsford, Bedfordshire
The government has backed the University of Cambridge's plans to build a large scale innovation hub in the city centre
Ms Reeves said: "Oxford and Cambridge offer huge economic potential for our nation's growth prospects.
"Just 66 miles apart, these cities are home to two of the best universities in the world, two of the most intensive innovation clusters in the world and the area is a hub for globally renowned science and technology firms in life sciences, manufacturing, and AI.
"To grow, these world-class companies need world-class talent who should be able to get to work quickly and find somewhere to live in the local area. But to get from Oxford to Cambridge by train takes two and a half hours.
"Oxford and Cambridge are two of the least affordable cities in the UK. In other words, the demand is there but there are far too many supply side constraints on economic growth in the region."
To help meet the government's aims, Science Minister Lord Patrick Vallance has been appointed as the Oxford-Cambridge Growth Corridor Champion.
He said: "The UK has all the ingredients to replicate the success of Silicon Valley or the Boston Cluster, but for too long has been constrained by short termism and a lack of direction.
"I look forward to working with local leaders to fulfil the Oxford-Cambridge corridor's potential by building on its existing strengths in academia, life sciences, semiconductors, AI and green technology amongst others."
The government keeps saying its main mission is to grow the economy. Now the chancellor has made it very clear that she wants this region to be at the forefront of that mission.
Never before have there been so many local announcements in one speech: airport expansion, road improvements, new homes, a station even a reservoir.
For years the business community has been telling governments the region has significant potential, if only it was given the support that it needed to grow. Rachel Reeves has listened and now expects the region to deliver.
A lot of these ideas are not new. Public opposition and a lack of confidence by investors meant they have not became reality. The chancellor wants it to be different this time by driving the changes through the planning system with limited time for consultation.
There will be opposition to some of this, there will be legal battles - it may not all succeed and it will certainly take time. But if it does happen, the look of this region and the way people view this region will change considerably.
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