The government has announced England’s second Investment Zone, looking to bring millions of pounds worth of investment into the north of England.
Covering Liverpool, Runcorn, St. Helens, Maghull and Prescot, the Liverpool City Region Investment Zone holds the potential to unlock £320 million worth of private sector investment, as well as delivering 4,000 jobs over the next five years.
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.”
The Liverpool City Region Investment Zone is designed to attract businesses to the region and help them grow. US pharmaceutical manufacturer TriRx will make an initial £10 million investment into the region, as part of a push to enhance its capabilities in manufacturing monoclonal antibodies. This funding will compliment Liverpool’s existing Speke Pharma Cluster, further supporting other businesses to invest in the region. In order to bring investment to the area, a range of incentives are on offer including:
- Tax breaks
- Grants
- Loans
- Infrastructure support
The government hopes that the LCIZ will help to create a more prosperous and productive economy in the Liverpool City Region.
Mayor of the Liverpool City Region, Steve Rotheram, said:
“Our area is fortunate to play home to world-leading clusters in life science research and innovation, which supports thousands of secure, well-paid jobs and training opportunities for local people. I am incredibly proud of what our region has achieved in the sector – but this 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.
“To play our part in making that happen, we will be investing 5% of GVA in R&D over the next few years – that is nearly double national targets. Becoming an innovation superpower might sound like a lofty ambition – but I believe that if anywhere has the potential to achieve it, then it’s the Liverpool City Region.”
There are six more Investment Zones to be announced in England, helping to make sure that the entire country has access to engines for growth and opportunity. Alongside these, there are two Investment Zones coming in Scotland (Glasgow City Region and North East of Scotland) and the government is currently engaging in discussions with the devolved administrations to work out how they can deliver Investment Zones in Wales and Northern Ireland.
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