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CHANCELLOR George Osborne has announced that four business centres in Oxfordshire will receive £67m investment, it what has been described as the centrepiece of the City Deal. 

According to the Treasury, the Government will provide £30m and this amount will be backed by funding from industry, local authorities and universities.

Visiting Begbroke Science Park this afternoon, the Chancellor announced over £4m of funding to build a new 'Innovation Accelerator' for small hi-tech manufacturing businesses that specialise in robotics, parts for cars and jet engines and superfast computers.

Mr Osborne said: "By taking difficult decisions and by working through our long-term economic plan we are able to support growth-boosting sectors like science.

"That’s why I’m announcing today that together with local authorities and industry we’re investing £67m into centres which help small science companies take their products to market, creating jobs and helping to secure a recovery for all.

"Oxfordshire is internationally recognised as a hub of innovation and we have to keep this up."

Investment is also going to bioscience and medical companies in Headington and to Harwell Oxford and Culham science centre.