Liverpool Suggest £1.4bn Economic Recovery Plan 13/02/22

The coronavirus pandemic has dealt the UK economy unprecedented challenges which has required unprecedented action from Downing Street.

Since the lifting of lockdown, it’s safe to say the economy has responded far stronger than many experts had predicted. As the weeks tick on, the prospect of a sharp V-shaped economic recovery is becoming more and more promising, that’s according to Bank of England economist, Andy Haldane.

Now its goes without saying that there’s never a good time for a global virus outbreak to close down the world’s most powerful economies.

Fortunately, in the months leading into lockdown, the UK had entered its greatest years of prosperity which ultimately, has helped cushion the economic blow of the pandemic. However, much of this prosperity was as a result of the increased certainty regarding the country’s next challenge, Brexit. As previously mentioned, the country is in need of unprecedented action if we are to sustain this remarkable rebound and deliver Brexit at long last.

In times of crisis, it is essential for the nation to grab a spade and collectively work together to achieve the best possible outcome. In the news this week, Liverpool have been one of the first to assist with this providing the government with a thorough £1.4bn action plan. The sole aim of this plan is to further boost the nation’s post-Covid recovery while also preparing for a post-Brexit economy.

The fully costed 178-page report has been submitted by the city to PM Boris Johnson and Chancellor of Exchequer, Rishi Sunak. It outlines how the city plans to prevent a socio-economic crisis deeper than that of the 1980s recession. Going one step further in typical Liverpool fashion, the report comes with a multi-layered programme which if delivered, promises to deliver:

  • 25,600 jobs
  • 12,000 construction jobs
  • Over 9700 apprenticeships

The insightful plan has been signed and commissioned by the Major of Liverpool Joe Anderson and will strategise a 5-year vision that also underlines Liverpool’s key strategic role as a global gateway for post-Brexit Britain. With the additional backing of 72 leading figures across the city’s commercial, financial, legal, and cultural sectors, including Liverpool FCChief Executive, Peter Moore.

The LERP report (initially called Operation Greyhound) comprises of four key focuses – Housing, Employment, Innovation and Creativity – with the running goal of providing jobs and supporting people to gain access to lifelong careers in the areas which have and will always drive the UK economy. The report was sent to the city council’s cabinet for endorsement lastFriday, 3 July, identifying more than 25 shovel ready projects – most of which could begin before the end of 2020.

The powerful economic base which Liverpool sits upon today has been built over the last 20 years through a healthy combination of investment and innovation from top to bottom. Long may that continue! With allthe previous years of hardship in mind, Liverpool City Council have moved quickly to ensure that this tremendous momentum keeps on rolling.

Prior to Covid-19, Liverpool was averaging an attractive £1bn a year of regeneration investments causing investors from all corners of the word to line the streets of Liverpool. The North-west giant had finally established itself on a global scale as the city for property investment, medical research, digital health, and life sciences.  Needless to say, Liverpool has a clear vision of growing and developing in every way it can for the future. This is why there has been huge investment pledged into the development of the city’s higher education which now attracts 70,000 students per year. As a result of the profound development that Liverpool has undergone, the visitor economy of the formerEuropean Capital of Culture (2008) has grown to more than £3bn a year!

As you will already know, Chancellor of Exchequer Rishi Sunak introduced his infamous furlough scheme when the UK entered lockdown back in March. Since then, he has announced that this will begin to be phased out from Autumn. If you are unaware of what this will mean for the UK economy and its property market, have a quick read of Elavace’s article which helps explains this in more depth. It appears that Major Joe Anderson and Metro Major Steve Rotheram might’ve also read our article before sending a letter to the Prime Minister introducing the plan and also addressing the risk of mass unemployment ahead.

The cost of these projects will total £1.4bn: requesting £200m of central government funding for physical construction and more than £267m for apprenticeship and skills training programmes. Topping the list of projects is a major housing development located next to the International Festival Gardens site. This will provide a huge boost to the already booming property market in Liverpool and hopefully trigger an even greater span of growth for homeowners. There will also be a transformational housing retrofit project which will focus on redeveloping vulnerable and out-of-reach neighbourhoods. Proposing the development of modular housing and the retrofit of an impressive 4,000 houses!