Funding for Liverpool City Region’s Life Science investment zone is to be doubled to £160 mln (€185 mln) and its benefits extended from five to 10 years, under revised plans under discussion by the city's Combined Authority.
The investment zone will focus on attracting life science investments, with some £320 mln of direct private investment having been identified as incoming during the initial five-year phase.
The zone is due to start operating in spring next year and is expected to double employment in the life science sector, creating more than 4,000 new jobs by 2030.
The University of Liverpool is set to invest £200 mln alone in the investment zone over the next 10 years, as its ambitious health and life science campus developments become an integral part of the plan.
Liverpool City Region is one of 12 UK areas selected for investment zone status – and is one of only three that will also benefit from freeport 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.
The investment zone funding will support a range of initiatives from developing sites and infrastructure to support for business and innovation, skills and inward investment.
Some locations will offer tax exemptions to businesses, and local authorities will be allowed to keep and reinvest 100% of business rates in newly occupied premises at specific investment zone sites.
Benefits from the investment zone are expected to extend beyond the life science sector through the social value created by the range of projects.
