New Funding Agreement That Will Benefit Liverpool City
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.
Property prices in key cities in the UK increased by 3.9% in the 12 months to August 2018 with Liverpool topping the list with a year on year to August 2018 inflation at 7.5% After Liverpool the next biggest annual rise was in Glasgow at 7.2%, followed by Nottingham...
The government has confirmed that there will be an extension of the licensing rules for Houses in Multiple Occupation (HMOs) and that all landlords covered by the rules must apply for a licence by 1st October 2018. Here is a brief summary of what you need to know. The...
The proposed development to bring Wirral maritime landmark Andrew Gibson House back to life has begun - including a new curved apartment block with views across the Mersey. The manor house itself will be converted into 34 apartments, with an adjacent lodge to be...
The latest Hometrack index has been released for June 2018 and reveals that city house prices have grown by 4.6% over the last year. Manchester is registering the highest rate of growth at 7.4%, followed by Liverpool (7.2%), Birmingham (6.8%) and Leicester (6.5%)....
The latest development newsletter for The Metalworks from Pumpfields Regeneration Company has now been published. They have also released a brand new detailed development brochure, which is also available to download. Click here to download July newsletter Click here...
The latest House Price Index property report from Hometrack, shows that price growth in London has slowed to a nine-year low, while prices in Edinburgh and Manchester are rising faster than in any other major UK city. House price inflation is at 4.6% year on...
Subscribe For Property Updates
Sign up today and receive updates on the latest apartments for sale, buy-to-let news and market analysis. By subscribing you are consenting to receive email updates from Acentus Real Estate Ltd.