Liverpool announced as UK's second Investment Zone

Liverpool has been announced as the UK's second Investment Zone.

The announcement could unlock £320 million of private investment and deliver 4,000 jobs, across Liverpool, Runcorn, St. Helens, Maghull and Prescot over the next five years.

The investment zone is backed by an initial £80 million in government funding and will benefit from a range of interventions which could include skills, infrastructure and tax reliefs, depending on local circumstances.

US pharmaceutical manufacturer TriRx is to make an initial £10 million investment to enhance its capabilities to manufacture monoclonal antibodies, a type of immunotherapy that work by blocking certain diseases from affecting healthy cells and are used to treat numerous types of diseases including cancers, arthritis and skin conditions.

The government will work with the Liverpool City Region, University of Liverpool and other local partners to co-develop the plans for their Life Sciences Investment Zone, including agreeing priority development sites and specific interventions to drive cluster growth, over the summer, ahead of final confirmation of plans.

Minister Lee Rowley said: "Investment Zones will drive growth across the UK. For Liverpool City Region that means over £300 million of private investment and 4,000 new, well-paid jobs – all building on the city’s world leading reputation in medical science.

Steve Rotheram, Mayor of the Liverpool City Region, said: "Our area is fortunate to play home to world-leading clusters in life science research and innovation, which support thousands of secure, well-paid jobs and training opportunities for local people. I am incredibly proud of what our region has achieved in the sector - but this is just a down payment on my future ambitions. I want us to go even further and establish our region at the forefront of UK science and innovation.

"With a potential £310 million worth of investment and thousands of local jobs on offer, it is clear that this is an opportunity worth exploring. Yet, throughout this process, I have been clear that any investment in our area must go much further than purely financial incentives. I want to use our status as a force for good, to connect our residents up to secure, well-paid jobs and training opportunities, and attract transformational investment into our area.

"To play our part in making that happen, we will be investing 5% of GVA in R&D over the next few years - that is nearly double national targets. Becoming an innovation superpower might sound like a lofty ambition - but I believe that if anywhere has the potential to achieve it, then it’s the Liverpool City Region."