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.


Contact Us

Recent Articles

Northern House Prices set to rise in 2020

Estate Agent Today: The scores are in….and it looks like house prices are going to rise gently in 2020 according to forecasts from almost all the respected property industry analysts in portals, consultancies and estate agents. There are plenty of variables and...

Making the case for commercial property

Investors Chronicle article: Last month’s column explained why UK smaller companies looked particularly attractive at this point in time and pointed to those investment trusts set to benefit as sentiment catches up with fundamentals. This column also stays with the UK...

How to successfully invest in Buy-to-Let property Property investment is one of the most lucrative ways to make a living, as long as you do it right. When investing, deciding on the type of property you’re going to purchase is a significant factor, as your selection may result in success or failure....

Where are the top locations to invest in UK property for 2020?

Buy Assosiation: Choosing the right location for your property investment is one of the most important steps to consider, as it can ultimately make the biggest difference to your future returns. While it’s not possible to predict the future, the art of successful...

Q3 2019: Rents rise at half the level of earnings growth

Hometrack UK: The annual rate of UK rental growth is +2.0%, up from 1.3% a year ago as rental growth increases on tightening supply as levels of new investment decline. Rents are rising at their fastest pace for 3 years, but this growth is half the level of earnings...

apartments for sale liverpool

The Rise

Low Hill, Liverpool L6 1AB

From £66,411

apartments for sale

Strand Plaza

The Strand, Liverpool (L2)

From £110,000

Gibson Park

Wallasey, Liverpool

Coming Soon

Subscribe For Property Investment Updates

Sign up today and receive updates on the latest property investment opportunities, available incentives and investor success stories. By subscribing you are consenting to receive email updates from Acentus Real Estate Ltd.