This body will work with local leaders and communities to drive “faster, more sustainable growth” and deliver transport and services alongside new homes.

It will bring land together for development, invest in sites and unlock stalled and derelict land.

The government has already targeted the region, committing £800m to development around Cambridge and Oxford.

According to the Ministry of Housing, Communities and Local Government (MHCLG), this has already enabled over 9,000 homes and over 500,000 sqm of commercial space.

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“Greater Cambridge is an area with huge potential that the new development corporation will help turn into more affordable homes, good jobs for local people and infrastructure that supports its communities,” said housing secretary Steve Reed.

Peter Freeman, chair at Cambridge Growth Company, added: “This provides the long-term certainty, status and coordination needed to deliver infrastructure at the scale Greater Cambridge demands.

“The real work begins now, and we are determined to deliver — making Greater Cambridge not only more economically vibrant, attracting world-class businesses, but more liveable, better connected and a place that genuinely works for all current and future residents.”