£500M FUND TO BOOST LIVERPOOL CITY REGION ECONOMY
Liverpool City Region has secured a £500m fund devised to create jobs, help grow Liverpool City Region’s economy, create jobs and further bolster living standards.
Metro mayor Steve Rotheram has orchestrated the fund which is set to create positive social impacts, including paying a living wage, which is an increasingly significant factor in approving investments. Around £100m will be available in the first year, rising to £500m over four years.
Metro Mayor Steve Rotheram said: “Our key purpose as a Combined Authority is to improve our residents’ lives by creating the right environment for our economy to thrive, while ensuring that growth benefits everyone through well paid local jobs and increased living standards.
“Through the Strategic Investment Fund, we will have about £500m available to support projects in areas such as transport infrastructure, economic development, business growth, skills, culture and housing.
“Devolution gives us the opportunity to do things differently, and one of the ways we will do that is by making clear to applicants that they will have a better chance of success if their bids demonstrate positive social impact.”
The combined authority has already identified projects which can receive support from the fund including a new smart ticketing system to replace the Walrus card, an ultra-fast broadband for every borough, help for high streets and a new generation of Mersey Ferries.
The previous Single Investment Fund allocated £400m of investments across the city region, which will create £1.7bn of economic activity, 9,000 jobs, 5,500 apprenticeships and support a wide range of projects.
“We are determined to ensure that in an uncertain, post-Brexit world this funding delivers the maximum possible benefit to the people of the whole Liverpool City Region,”
“That is why we will be working hard to ensure we fund transformational projects that have the highest possible impact in Halton, Knowsley, Liverpool, Sefton, St Helens and Wirral.”