Liverpool City Region’s ambitions of becoming the country’s ‘innovation powerhouse’ will be made clearer today with the unveiling of a new multi-billion pound plan.
Launched by Metro Mayor Steve Rotheram, a new ‘innovation prospectus’, unveiled at an event in parliament, will detail how the City Region has the potential to generate over £40bn for its local economy through a number of key investments.
The launch is part of a wider strategy to bolster the city region’s investment in research and development (R&D), with the Metro Mayor hoping this will be done at double the national rate at 5% GVA by 2030. According to the Combined Authority, if successful, an estimated £41.7bn could be added to the city region economy and create 44,000 jobs.
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The plan, which seeks to showcase and attract further investment within the region’s innovation projects, focusses on what the Combined Authority sees as the region’s three world-leading specialisms - infection control, materials chemistry and AI solutions. £12bn of investment is being sought, £9bn of which would go towards furthering plans for the Mersey Tidal Power, with aims to further develop the region’s HyNet capabilities - a form of hydrogen power production being trialled at Pilkington’s and Unilever within the Liverpool City Region.
According to the Combined Authority, investment in these two projects would help the city region hit its net zero carbon goals while providing the UK with greater energy security. In the five years before the pandemic, the city region says it attracted £2bn of innovation investment and currently has a further £1bn of projects underway.
In the view of Metro Mayor Steve Rotheram, who will reveal the Region’s ambitions today, the right investment could go towards “creating better, greener jobs and bringing greater prosperity to local people.” He said: “For as long as we have existed, people and businesses from the Liverpool City Region have been inspiring and changing the world. It’s fair to say that innovation is in our DNA.
“But I don’t want us just to dine out on our past. I am determined to make our region the country’s innovation engine and to make that happen, we will be investing 5% of our GVA in research and development over the next few years – nearly double the government’s national targets.
"I want to take advantage of our strengths – and potential - and turn them into profitable businesses, creating better, greener jobs and bringing greater prosperity to local people.”
Dr Jon Hague, Liverpool City Region Innovation Board Chair and Vice President Science and Technology, Unilever Homecare, said: “As Chair of the Innovation Board it is a privilege to be constantly reminded of the brilliance and talent this city region has to offer.
“With its exciting mix of distinctive world-leading assets and capabilities, public and private partnership and forward-thinking leadership, the Liverpool City Region is fertile territory for people wanting to turn big inventions and ideas into flourishing businesses.
"We know Liverpool City Region can play a huge part in helping the UK achieve its innovation ambitions. That’s because we’re already doing it. With sustained, large-scale investment we can deliver even more world-leading innovation that will fuel UK PLC’s bottom line - as well as fuelling our industry with green, sustainable energy and changing the world for the better. It’s no accident that Unilever continues to invest and thrive in the Liverpool City Region.”
