THE NEW BUSINESS CASE backs £475M Bedford & Milton Keynes Waterway as High-Value Investment for Oxford–Cambridge Growth Corridor.
A newly released Outline Business Case for the Bedford & Milton Keynes Waterway confirms that the proposed 26km canal would offer outstanding value for money, delivering £2.40 in benefits for every £1 invested.
Published yesterday, 8th July, by the Bedford & Milton Keynes Waterway Trust, the business case sets out a compelling economic, environmental, and social case for the new waterway. Designed to link the Grand Union Canal at Milton Keynes to the River Great Ouse at Bedford, the waterway would form a central feature of the Oxford–Cambridge Growth Corridor—one of the UK’s most dynamic development areas.
Transformational Benefits for the Region
The project promises to enhance local tourism, unlock leisure and active travel opportunities, and provide a missing link in Britain’s historic canal network. Set within a new parkland corridor, the waterway would offer:
- A scenic walking and cycling route to support healthy lifestyles• Enhanced biodiversity and green space
- Resilience against both flooding and drought through 21st-century water management
- Growth potential for the local hospitality and tourism sectors
The canal also complements planned regional infrastructure, including East West Rail, and the forthcoming Universal Theme Park, expected to draw millions of visitors annually.
Strong Economic Case
The business case, produced by leading consultancy AECOM and developed in line with HM Treasury’s Green Book guidance, updates the estimated capital cost of the project to £475 million. It demonstrates a benefit-to-cost ratio (BCR) of 2.4—meaning every £1 spent would return £2.40 in economic and social value.
The findings echo the conclusions of the Canal & River Trust’s national studies, reinforcing the case that waterways generate substantial returns for local communities and the wider economy.
Trust Welcomes Business Case Findings
Simon Clewlow, Chair of the Bedford & Milton Keynes Waterway Trust, welcomed the publication:
“In the past two years the Trust has been strongly advocating the strategic water management benefits of the waterway—including the ability to move water from wetter parts of the UK to the drier east, supporting climate resilience and flood mitigation.”
“This independently assessed, Treasury-compliant business case—showing a BCR of 2.4—is the icing on the cake. It affirms that this is a real and worthwhile opportunity to grow the local economy, enhance the environment, and improve quality of life.
“I am more confident than ever that the waterway will play a vital role in Bedfordshire and Milton Keynes’ future, putting ‘Water Where It’s Wanted’. As well as being a key piece of climate-resilient infrastructure, it will add a unique, complementary tourism offer to the Universal Theme Park and beyond.”
Local MP fully supports the Waterway, with Blake Stephenson, MP for Mid Bedfordshire, telling,
“The Bedford-Milton Keynes Waterway Park has such fantastic potential to transform water management in our local area so I was pleased to be able to speak in support of the project at their local conference.
“With an increasing need to improve our climate resilience and tackle flooding, projects like the BMK Waterway Park will not just be a 'nice to have', they will be essential to our future.
“And the park will of course be an important addition to Bedfordshire's tourism offer, which I have been banging the drum for ever since my election.
“I congratulate everybody who has been involved in this project so far. It has my full support and I hope the project gets over the line.”
Recognises work on progressing
Building on last July’s Launch Event when Tom Wootton, Elected Mayor of Bedford Borough, related:
In response to the progress made since, Tom Wootton, Elected Mayor of Bedford Borough, related:
"The Bedford & Milton Keynes Waterway project is an initiative with significant potential for our region. We recognise the diligent work that has gone into developing this new business case, which further highlights the project's economic and social implications for the area.
“We look forward to reviewing the detailed findings and understanding how this investment could contribute to the future development and connectivity of Bedford Borough.”
Spectacular landscape
Cllr Tracey Wye, Potton Ward councillor at Central Bedfordshire Council and Executive Member for Sustainability and Climate Resilience, enthused:
“It’s not often that the words ‘new infrastructure project’ relate to something so exciting and something that will create a spectacular landscape for people and nature.
“The Waterway Park is that project. Linking the Grand Union and the Great Ouse with a new stretch of canal will bring so many benefits to Central Bedfordshire and beyond; new leisure opportunities for boating and small craft, more space and water for nature and wildlife, better water management for the future, and a boost to the local economy as a wonderful magnet for tourism.
“It’s not easy getting this sort of scheme funded and underway and I salute and support the Bedford and Milton Keynes Waterway Trust for their continued efforts and dedication to the project.”
About the Bedford & Milton Keynes Waterway Trust
The Bedford & Milton Keynes Waterway Trust was established in 1995 to promote the development of a contiguous waterway park which will link the Grand Union Canal in Milton Keynes to the River Great Ouse in Bedford through a series of purpose-built waterways connecting up existing lakes along the route. The Trust is a company limited by guarantee and is a registered charity. For more information on the Bedford and Milton Keynes Waterway Trust and project, including maps and updates, please visit www.bmkwaterway.org/.