A new agreement will give the Liverpool City Region Combined Authority greater freedom over how it uses government funding.
The deal will see more than £120 million moved into the city region’s revenue budget from its capital budget over the next 27 years.
The arrangement will give Metro Mayor Steve Rotheram, and his combined authority, greater autonomy to plan and invest in ways which will drive economic growth. This includes transport improvements, learning facilities and housing.
The funding agreement will be reviewed every five years – it’s the government’s expectation that it will not be used for the running of day-to-day services.
Robert Jenrick, exchequer secretary to the treasury, who was in Liverpool yesterday (12 July), says: “Liverpool and Merseyside are important parts of the Northern Powerhouse, with businesses in the region delivering vital skills, jobs and growth.
“Since 2010 we’ve seen nearly 50,000 new jobs created in the Liverpool City Region alone, and inward investment increased by 6% in the North West as a whole in the last year.
“Today’s announcement will build on this progress and provide greater flexibility for leaders to deliver the jobs, infrastructure and growth in productivity that will help secure the region’s place in the new economy.”
Mayor Rotheram adds: “I welcome this announcement which gives us more power over how we use the £30 million a year we receive from central government under our devolution agreement.
“This shows their confidence in our ability to drive long-term growth and make a real difference to people’s lives across the city region.”