New Funding Agreement That Will Benefit Liverpool City

Jul 17, 2018 | Business, News, Regional

Further funding powers has been granted as part of the Northern Powerhouse initiative last week (12 July 2018). This will benefit residents, businesses and the local economy in the Liverpool City Region.

The agreement will see over £120 million moved into the City Region’s revenue budget, from its capital budget, over the next 27 years. The move will boost the City Region’s investment programme, launched following the £900 million devolution deal in 2015.

Along with the Combined Authority, Liverpool City Region metro mayor Steve Rotheram will now be granted more powers in terms of planning and investing in the local area, with housing, transport improvements and learning facilities at the top of the agenda.

Devolution away from Whitehall towards Northern Powerhouse areas such as Liverpool and Manchester has been in progress for a number of years now, with a £900m devolution deal secured in 2015, and this latest agreement will see even more scope for improvement and change in the area.

Steve Rotheram, Metro Mayor of the Liverpool City Region, said:

“I welcome this announcement which gives us more power over how we use the £30 million a year we receive from central government under our devolution agreement. This shows their confidence in our ability to drive long-term growth and make a real difference to people’s lives across the city region.”

“Since 2010 we’ve seen nearly 50,000 new jobs created in the Liverpool City Region alone, and inward investment increased by 6% in the north-west as a whole in the last year.”

The announcement comes on the latest leg of the minister’s regional tour, where he is championing innovation and looking at how British businesses are boosting productivity. During the visit, he will meet business leaders from the region’s Chambers of Commerce and visit tech firms at the Daresbury Enterprise Zone.

Robert Jenrick, Exchequer Secretary to the Treasury, commented:

“Liverpool and Merseyside are important parts of the Northern Powerhouse, with businesses in the region delivering vital skills, jobs and growth. Today’s announcement will build on this progress and provide greater flexibility for leaders to deliver the jobs, infrastructure and growth in productivity that will help secure the region’s place in the new economy.”

The long-term economic growth of the area will be the prime focus of the funding agreement, rather than day-to-day running costs, according to Liverpool Council.

Source: https://www.gov.uk/government/news/extra-funding-freedoms-for-liverpool-city-region

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