As the Northern Powerhouse continues to boost the economy of the north, the latest funding agreement secured in Liverpool will spell huge changes for the city, writes Eleanor Harvey from Buy Association.
Liverpool City Region has been granted further funding powers as part of the Northern Powerhouse initiative this week, which will give the city greater freedom to spend a £120m revenue budget as part of a huge investment boost.
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.
Confidence in Liverpool
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.
“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.”
“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.
Metro mayor Steve Rotheram added: “I welcome this announcement which gives us more power over how we use the £30m 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.”