A doubling of Government funding for the Liverpool City Region’s Life Science Investment Zone will lead to total investment of at least £480m. Tony McDonough reports
Liverpool City Region’s Life Science Investment Zone is to see funding from the Government doubling to £160m and extended from five years to 10.
With £320m of direct private sector match funding already identified this takes total funding for the zone to at last £480m. It is estimated this investment could lead to 4,000 new jobs in the sector by 2030.
In July, Parliamentary Under Secretary of State in the Department for Levelling Up, Housing and Communities, Lee Rowley, came to the city region to announce the new one.
He visited US pharmaceutical manufacturer TriRx in Speke. The company is making an initial £10m investment at its Liverpool site to enhance its capabilities to manufacture monoclonal antibodies, a type of immunotherapy.
This Investment Zone will benefit from a range of interventions which could include skills, infrastructure and tax reliefs, depending on local circumstances.
At its monthly meeting on Friday (December 15) the Combined Authority will be updated on the Investment Zone proposals that will support a 10-year programme. This aimed at solidifying the city region’s global reputation as a leader in life sciences.
They will be told how the zone will leverage significant private sector investment, catapulting the growth of many small and medium sized businesses.
Investment Zone plans have been drawn up in collaboration with the city region’s six local authorities, the Government and public and private stakeholders within the life science sector.
High quality projects have been identified across the city region, with the University of Liverpool set to invest £200m in the Investment Zone over the next 10 years. Detailed proposals are currently passing through the fourth of five Government Gateway stages.
The final stage is expected to complete by the end of December after which a Memorandum of Understanding will be signed with the Government and a start date set for April 2024.
This adds to the Liverpool City Region Freeport, another Investment Zone covering multiple port, logistics and industrial sites. It went live with £25m of Government funding in January 2023.
Combined Authority Portfolio Holder for Digital and Innovation Cllr Paul Stuart said: “We are determined to drive innovation to help build a stronger, cleaner and fairer city region.
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“The creation of the Investment Zone provides a huge opportunity to build on our world-leading strengths in health and life sciences to create well-paid jobs and attract hundreds of millions of pounds of investment.”
Liverpool City Region is one of 12 UK areas selected for Investment Zone status. Each region was selected because it has existing assets, capabilities and strengths which can be used to address deep-rooted or unmet productivity potential.