The Government has announced Liverpool as England’s second Investment Zone.
This could unlock £320 million of private investment, deliver 4,000 jobs, and the city could benefit from a multi-million-pound investment in the life sciences sector as part of the UK’s second Investment Zone.
Backed by £80 million in government funding, the Investment Zone will benefit from a range of interventions which could include skills, infrastructure and tax reliefs, depending on local circumstances – with the potential to completely transform the region, making Liverpool a pharmaceutical production superpower.
Minister Lee Rowley said:
"Investment Zones will drive growth across the UK. For Liverpool City Region that means over £300 million of private investment and 4,000 new, well-paid jobs – all building on the city’s world leading reputation in medical science."
Steve Rotheram, Mayor of the Liverpool City Region, said:
"Our area is fortunate to play home to world-leading clusters in life science research and innovation, which support thousands of secure, well-paid jobs and training opportunities for local people. I am incredibly proud of what our region has achieved in the sector - but this is just a down payment on my future ambitions. I want us to go even further and establish our region at the forefront of UK science and innovation.
With a potential £310 million worth of investment and thousands of local jobs on offer, it is clear that this is an opportunity worth exploring. Yet, throughout this process, I have been clear that any investment in our area must go much further than purely financial incentives. I want to use our status as a force for good, to connect our residents up to secure, well-paid jobs and training opportunities, and attract transformational investment into our area.
To play our part in making that happen, we will be investing 5% of GVA in R&D over the next few years - that is nearly double national targets. Becoming an innovation superpower might sound like a lofty ambition - but I believe that if anywhere has the potential to achieve it, then it’s the Liverpool City Region."
Six more Investment Zones are to be announced in England – ensuring that there are engines for growth and opportunities for talented people across the country.
As well as delivering jobs and driving economic growth, investment zones will be used to help provide new housing in areas of need.Back to top