Liverpool City Region Investment Zone funding to be doubled to £160m
Funding for Liverpool City Region’s Life Science Investment Zone is to be doubled to £160m and its benefits extended from five to 10 years, under revised plans to be discussed by the Combined Authority.
- Investment Zone will focus on city region’s thriving Life Science sector – boosting innovation
- Set to attract at least £320m of direct private investment during initial 5-year phase
- More than new 4,000 jobs set to be created by 2030
The Investment Zone is due to start operating in spring next year and is expected to double employment in the life science sector, creating more than 4,000 new jobs by 2030.
At least £320m of direct private sector match funding has already been identified as part of the initial phase and that figure is expected to rise significantly as a result of the increased Government funding – offering even greater potential to transform the region.
At a meeting tomorrow (December 15), members will be updated on the Investment Zone proposals that will support a 10-year programme aimed at solidifying the city region’s global reputation as a leader in life sciences.
They will be told how the zone will leverage significant private sector investment, catapulting the growth of many small and medium sized businesses, supporting world-leading innovation and creating skilled job opportunities for the region’s residents.
The Investment Zone plans have been drawn up in collaboration with the city region’s local authorities, the government and public and private stakeholders within the life science sector.
High quality projects have been identified across the city region, with the University of Liverpool set to invest £200m in the Investment Zone over the next 10 years – as its ambitious Health and Life Science Campus developments become an integral part of the plan.
The detailed proposals are currently passing through the fourth of five Government Gateway stages. The final stage is expected to complete by the end of December after which a Memorandum of Understanding will be signed with the Government and a start date set for April 2024.
Liverpool City Region is one of 12 UK areas selected for Investment Zone status – and is one of only three that will also benefit from Freeport status.
Each region was selected because it has existing assets, capabilities and strengths which can be used to address deep-rooted or unmet productivity potential.
The Investment Zone funding will support a range of initiatives from developing sites and infrastructure to support for business and innovation, skills and inward investment.
Some locations will offer tax exemptions to businesses, and local authorities will be allowed to keep and reinvest 100% of business rates in newly occupied premises at specific Investment Zone sites.
Benefits from the Investment Zone are expected to extend beyond the life science sector through the social value created by the range of projects.
Liverpool City Region’s Life Science Investment Zone status was formally announced in July 2023 during a Ministerial visit to Speke-based biomanufacturing company TriRX.
The Chancellor announced the extension of the scheme in last month’s Autumn Statement – including the doubling of Government funding to £160m.