The two have received a briefing by Cranfield University which have been working with Milton Keynes Council to develop a vision of what the city’s first university may look like.
Discussions are focusing on creating a university that focuses on technology and engineering.
The idea has been developed following the MK Futures 2050 Commission report that identified a new university as one of the city’s main six projects to be delivered over the coming decades.
Named MK:IT, the report says it would "provide lifelong learning opportunities at a new university to promote research, teaching and practice which provide realistic solutions to the problems facing fast-growing cities everywhere.”
The early stage of the project has seen a potential name change to MK:U.
Mr Stewart, MP for Milton Keynes South, said: “I am very excited by the prospect of a new technology and engineering focused university. I have long thought we could offer something very different to students as a place to study. With our prime location, growing infrastructure and varied economy, I really do believe we can create the UK’s equivalent of MIT [Massachusetts Institute of Technology].”
The emerging business plan for the MK:U states there will be five faculties; Business, Applied Creativity & Innovation, Digital, Smart Cities and Technology & Engineering. The university will offer two year degree courses or three year degree courses with project work.
It is forecast that the project could create more than 2,000 direct and indirect jobs ahead of the target of the first students being on campus in 2023.
Mr Lancaster, MP for Milton Keynes North, said: “What I am most impressed about is the focus on economic growth in Milton Keynes and across the region.
“Naturally there will be more jobs and more opportunities just by having a university but the actual academic offer will include strong relationships with our business community, especially in areas like Smart Cities.”
