Plans to create a new cinema have been stalled due to "economic uncertainty".
Despite having finances in place and planning permission secured Knowsley Council says the price to build the cinema in Kirkby has increased by £5 million, double the original cost. The council claim that finding additional revenue for the project would be a "considerable challenge".
When built the site will include a new multi-screen cinema and three food and drink outlets. The council has also said that a rise in interest rates in 2022 means that the project would be delivered "at a loss to public spending".
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There is no confirmation date on when the project will start again but the council has said they remain "fully committed" to delivering the project. Plans to create a new cinema is part of Knowsley Council’s multi-million pound investment into Kirkby Town Centre.
Councillor Tony Brennan, Knowsley Council’s Regeneration & Economic Development Cabinet Member said: “Pausing our plans for the cinema project has not been an easy decision to make, but one that we have been unable to shy away from, given the current financial circumstances in the country.
"It’s infuriating that the actions of this Government in the space of just a few weeks have turned everything upside down and forced us to put our plans on hold – we planned to start the scheme before the end of this year and now we face having to wait for markets to calm and for greater economic certainty."
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