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.
The arrangement will give Liverpool City Region Metro
Mayor, , and the Combined
Authority, greater freedom to plan and invest in ways which
will drive up long-term economic growth. This includes
transport improvements, learning facilities and housing.
Speaking on a visit to Liverpool today, , Exchequer Secretary
to the Treasury, said:
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.
, 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.
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.
The Exchequer Secretary will meet:
- Metro Mayor of the Liverpool City Region Combined
Authority,
- Members of the Liverpool & Sefton Chamber of
Commerce
- Daresbury Enterprise Zone
The government announced at Autumn Budget plans to works
with Liverpool City Region to explore options for further
devolution, identify local barriers to growth and how best
to overcome them.
The funding agreement will be reviewed every 5 years.
The government’s expectation is for this gainshare funding
to be invested in the drivers of long-term economic growth
rather for day-to-day running costs.
