Liverpool City Region Metro Mayor Steve Rotheram has revived the barrage which he says could power 200,000 and Labour’s John McDonnell says a National Investment Bank could bankroll it. Tony McDonough reports
Shadow Chancellor John McDonnell says a future Labour Government would consider backing the multi-billion pound Mersey Barrage project.
The idea of an energy-generating barrage across the river has been talked about for a number of year and in recent months it has been revived as a serious proposition by Liverpool City Region Metro Mayor Steve Rotheram.
Labour’s election manifesto last summer included a pledge to establish a £500bn investment bank, with £350bn coming from the public purse.
It has been estimated the Mersey Barrage would cost around £3.5bn and, when operational, could provide emission-free power to 200,000 homes.
On a visit to Liverpool to meet Mr Rotheram, Mr McDonnell said: “The future economic prosperity of this country is dependent on ensuring that we have the right infrastructure in place to ensure economic growth, which is why we have pledged to set up a National Investment Bank.
“Listening to Steve’s exciting plans to harness the power of the River Mersey to drive sustainable growth for city region it is clear that this is exactly the type of project that the National Investment Bank should be supporting.”
In November last year, the Metro Mayor announced the appointment of respected industry leader, Brent Cheshire, until recently UK Chair of Dong Energy, now known as Orsted, as the man who will drive the project forward.
Over the next 12 months Brent is working to establish the core business case for the multi-billion renewable energy project.
Following the visit of Mr McDonnell, Mr Rotheram said: “We are already home to a vibrant low-carbon sector which contributes £2bn to the local economy but with the right support we can use that as the platform to drive transformational change, which is why it is so important to receive this backing from the Shadow Chancellor.
“Clean, low-carbon energy production is the key to the future economic prosperity of our city region.
“Combining predictable and plentiful renewable energy with world-class digital connectivity will give us a unique competitive edge as a global investment destination.”