Liverpool City Region Mayor Steve Rotheram today launched a significant economic growth plan designed to add an estimated £10 billion to the region's economy and create tens of thousands of new jobs. The 'Liverpool City Growth Plan' aims to boost productivity, attract investment, and improve living standards for the region's 1.6 million residents.
Key Takeaways
- The plan targets a £10 billion economic boost for the Liverpool City Region.
- It aims to create tens of thousands of jobs across various sectors.
- Focus areas include advanced manufacturing, life sciences, digital, and green energy.
- Increasing productivity to the national average could add £6 billion.
- Key projects include Health Innovation Liverpool and a new National Cryogenics Facility.
Driving Economic Expansion and Job Creation
The newly released Liverpool City Growth Plan is described as a comprehensive strategy for the region's future. Mayor Steve Rotheram emphasized its importance during the launch, stating it is one of the most significant strategic documents ever produced for the area. The plan focuses on increasing the region's productivity rates, which are crucial for long-term economic health.
According to the Mayor's office, even a modest increase in productivity, bringing the region in line with the national average, would contribute an additional £6 billion to the current £43.3 billion-a-year economy. This target highlights the potential for substantial economic uplift through focused development.
Economic Impact Target
- £10 billion: Total projected economic addition to the Liverpool City Region.
- £6 billion: Potential gain from matching national productivity averages.
- £43.3 billion: Current annual economic output of the region.
Strategic Sector Development
The growth plan outlines a clear strategy for achieving its ambitious targets. It will leverage the city region's existing strengths in innovation and accelerate the growth of its most productive sectors. These include advanced manufacturing, health and life sciences, digital and technology, and the creative industries. These sectors are identified as key drivers for future economic success.
Supporting these primary sectors are maritime, professional and business services, and the visitor economy. This multi-faceted approach aims to create a robust and diverse economic landscape. The plan identifies an £11 billion investment pipeline already in progress, indicating strong foundational support for these initiatives.
Innovation and Green Technologies at the Forefront
Innovation is a central theme of the growth plan. The Life Sciences Innovation Zone and the Liverpool City Region Freeport are highlighted as critical growth engines. These areas, under a shared Industrial Strategy Zone status, are expected to attract further investment and foster groundbreaking developments.
Mayor Rotheram also pointed to opportunities in clean energy and emerging green technologies. His long-standing vision for a new Mersey tidal power scheme is a significant component of this green agenda. Such projects aim to provide sustainable energy solutions while creating new industries and jobs.
"Our Growth Plan is a blueprint for a fairer, greener, more prosperous future - one where ambition, partnership and determination come together to create jobs, power homes with clean energy, and give every child the chance to reach their full potential here," Mayor Steve Rotheram stated during the launch.
Industrial Strategy Zones Explained
Industrial Strategy Zones are designated areas where specific sectors receive targeted support for growth, investment, and innovation. They often benefit from streamlined planning processes and incentives to attract businesses, aiming to create clusters of excellence in key industries.
Major Projects Underpinning Growth
Several large-scale projects are integral to the economic plan's success. One such initiative is the £550 million Health Innovation Liverpool (HIL) project. This major development is planned for the former Royal Liverpool Hospital site. It seeks to bring together healthcare providers and private sector partners to revolutionize life sciences research and health innovation delivery.
The HIL project is projected to create more than 2,000 jobs and generate over £1 billion in economic benefits. This demonstrates the significant impact individual projects are expected to have on the region's economy and employment figures.
Expanding Scientific Capabilities and Manufacturing
Another key scheme mentioned in the growth plan is the tenfold expansion of Daresbury's cryo-plant. This expansion will establish a new National Cryogenics Facility, designed to serve a global quantum computing cluster. This initiative positions the Liverpool City Region at the forefront of advanced scientific research and development.
The plan also recognizes the importance of Cammell Laird, the Birkenhead shipyard. Its advanced manufacturing and digital capabilities are seen as vital for providing solutions to the UK's defense requirements. This highlights the diverse range of industries contributing to the region's economic strategy.
The plan was launched at the Materials Innovation Factory, a collaborative effort between the University of Liverpool and Unilever. This facility focuses on computer and robotics-aided discovery in materials design. This location underscored the emphasis on innovation and partnership within the growth strategy.
Quotes from Key Stakeholders
Ahead of the launch, Mayor Rotheram emphasized the practical benefits of the plan. He said, "I know the word ‘growth’ can often feel a bit abstract – it doesn’t mean much to ordinary people in their daily lives. What really matters is what growth means in practice. It’s about jobs you can build a life on, opportunities for your kids and grandkids, new homes you can afford to live in, investments in public transport and investment that brings prosperity back to our communities."
Professor Tim Jones, Vice-Chancellor of the University of Liverpool, also spoke at the launch. He highlighted the university's role in the region's prosperity. "As a global university rooted in our city and region, we are committed to driving the future prosperity of the Liverpool City Region. Through our research, education and innovation activities, we support innovation-led growth and create opportunities for people, businesses and communities," Professor Jones stated.
Minister for Devolution, Faith and Communities, Miatta Fahnbulleh, praised the initiative. She commented, "This bold Growth Plan shows exactly what devolution can achieve when local leaders are empowered to unlock their region's potential. Liverpool City Region's ambition to add £10 billion to their economy whilst creating tens of thousands of jobs shows how communities can drive national growth from the ground up – helping us move forward with our Plan for Change."
The collaboration between academic institutions, private industry, and local government is seen as a cornerstone of this ambitious plan. It aims to deliver tangible improvements in employment, living standards, and public services across the Liverpool City Region.