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Economic Development

Major £8.8bn plan to save Liverpool City Region economy revealed

The combined authority says the plans would mean over 100,000 jobs for the region as it recovers from the pandemic

Major £8.8bn plan to save Liverpool City Region economy revealed(Image: Colin Lane)

An ambitious plan hoped to unlock £8.8bn worth of projects for the Liverpool City Region has today been submitted to the Government.

Metro Mayor Steve Rotheram has unveiled the 'Building Back Better' plan, which is aimed at helping the region recover from the crisis, and is being backed by high-profile city figures from business, academia, the social economy and public sector.

The combined authority said the projects would create over 100,000 jobs in total, with the plan's proposals based on four themes: the business ecosystem, people-focused recovery, place, and a green recovery.

The economic recovery plan for the city region has set out how a £1.4bn investment from the Government could unlock £8.8bn of projects, which could all start in the next 12 months.

Metro Mayor of the Liverpool City Region Steve Rotheram has led calls for urgent help from government(Image: James Maloney/Liverpool Echo)

It has identified 40 fully-costed, "shovel-ready" schemes, some of which are already underway, as well as medium and long-term plans, such as the Mersey Tidal Power project, that would play a "key role" in recovery - creating 94,000 permanent jobs and a further 28,000 in construction.

It's hoped these projects would use the city region’s "unique assets" to contribute to the º£½ÇÊÓÆµ’s long-term sustainable energy mix, while creating thousands of jobs.

Announcing on Friday that the plans have been submitted to the Government, Mayor Rotheram said: “This pandemic has rocked us all and we still face tough times ahead, but my ambition to build a globally competitive, environmentally responsible and socially inclusive economy for the whole of our region remains undimmed.

“Before Covid-19, the city region’s growth rate of 3.5% was much higher than national levels, with well-above average productivity growth based on ten years of strong economic progress. We will build on these solid foundations.