The government has announced that Liverpool will benefit from being England’s second Investment Zone, which could generate up to £320m of private investment. In a press release, The Department for Levelling Up, Housing and Communities state that the Investment Zone will be backed by £80m of government funding.
There will be a further six Investment Zones across England, and they will benefit from tax breaks and revised planning regulations, as well as a government funding boost. Liverpool’s Investment Zone will be aligned with the recent Freeport initiative, which was launched earlier this year and has generated employment and £850m of local revenue.
The new Liverpool Investment Zone will be focused on the Life sciences sector, with a £10m investment already confirmed by US pharmaceutical manufacturer TriRx. The sites identified for growth in Liverpool and the surrounding areas include Runcorn, St Helens, Maghull, and Prescot.
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.”
He added: “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.”
The government will work with the University of Liverpool, the Liverpool City Region, and other partners to develop plans for the new Life Sciences Zone, which could have the potential to unlock the city as a ‘life sciences superpower.’ It claims that this will generate up to 4,000 new jobs as well as over £300m in private investment.
AstraZeneca is already established in the region, with a site at Speke employing 400 people. Liverpool is the second Investment Zone to be announced, after the South Yorkshire Advanced Manufacturing Zone was launched earlier this year with backing from Boeing.
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