MIPIM | Rotheram: Liverpool on Manchester’s tail as £2bn investment fund launches
Liverpool City Region Metro Mayor Steve Rotheram said the gap between the two cities is closing after he unveiled a nine-figure regeneration war chest in Cannes.
The £2bn investment fund launched today, and billed as the largest fund of its kind ever announced in the city region, is aimed at speeding up the delivery of Rotheram’s £10bn regeneration pipeline, which includes big ticket items like the long-awaited Pall Mall office development.
Armed with the fund and soon to receive an integrated settlement worth £1.5bn over four years, Rotheram expects movement on some of its stickiest stalled schemes before MIPIM 2027.
In 2026, the city region’s list of investable propositions it is in Cannes to showcase looks similar to years gone by, highlighting ingrained viability challenges. However, Rotheram said he would feel “crap” if he arrived in the South of France in 12 months’ time and those projects were still stuck in limbo.
The fund has been in the works for some time and will offer grants, loans, and patient equity to bring forward developments.
In the first instance, investment will be focused on job-spinning projects including office developments like Pall Mall, stalled for several years and described by Rotheram as “totemic”, as well as lab space and light industrial units for advanced manufacturing, digital technology, and life sciences businesses.
Housing is also in the city region’s regeneration crosshairs. The £2bn fund, made up of government and local sources like income from the Mersey Tunnels, could help the six boroughs in the city region deliver on their combined target of 64,000 homes, including the regeneration of North Docks and Central Docks in the city centre.
The launch of the cash pot comes a few months after Greater Manchester announced its own Good Growth Fund, which is worth an initial £1bn and has seen £400m already committed to a range of projects.
Liverpool’s Pall Mall was one of several high profile schemes to get a boost in 2025. Credit: via Liverpool City Council
Greater Manchester is often seen as the poster child for regional devolution in the UK but Rotheram is adamant that the gap between the two city regions is closing.
“I know we are catching them up,” he said.
“They undoubtedly were ahead of others when they had the likes of Sir Howard [Bernstein]. Sir Howard was a visionary, we didn’t have that in our city region, we had local authorities battling each other, and we don’t have that anymore. We have a single vision.”
That vision is starting to gain traction nationally, said Rotheram, who recalled a recent event in London as evidence.
“A guy from the Stock Exchange said ‘can you explain to me what’s happening in Liverpool? Because for the first time, there’s a real buzz in the Stock Exchange about opportunities and the Liverpool City’.”
As well as anecdotal evidence, Rotheram also has cold hard stats to back up Liverpool City Region’s rise.
Unemployment in the conurbation is 14% lower than the national average while job creation in high growth sectors is 11% higher than the rest of the country. A lot of that is driven by improved graduate retention, Rotheram said.
“10 years ago, we were in the bottom 10 for graduate retention in the country, and now we’re in the top three.”
Rotheram is aware that, while the data may look good for the city region, metrics of this type often do not cut through with the average person as much as other more tangible indicators.
“I would like to see more cranes on the skyline, because that would demonstrate to people that there are buildings being built,” he said.
In short, people prefer progress over statistics and one scheme that would make a lot of people very happy if it came forward is the redevelopment of the Littlewoods building into what Rotheram once billed the Hollywood of the North.
Rotheram is hopeful a way forward can be found for Littlewoods. Credit: via Font Comms
The vision for a film and tv campus has been held back by a yawning viability chasm but Rotheram is optimistic about the scheme’s chances.
“The mood music was good,” he said of a recent trip to Downing Street to discuss how government could help unlock the development.
The mayor wants £50m from government for Littlewoods, which could pay for itself in 10 years, he said.
“£50m is a big ask but… there might well be a cocktail that we can pull together.”
The £2bn fund launched at MIPIM today may be part of that cocktail but with a £10bn pipeline that also includes a major expansion of Maghull Health Park, the regeneration of St Helens and Bootle town centres, the revival of Southport, and a £550m health innovation campus on the site of the former Liverpool Royal Hospital, the mayor will have plenty of local leaders knocking on his door for a share of the pot.
As devolution deepens in Liverpool, he is desperate to use his new-found powers and fiscal levers to rid the city region of its plague of stalled sites.
“Too many sites have stood still for years, too many opportunities have passed us by, and too many talented young people have felt they’ve had to leave the region to get on in life.
“Well no longer. With this £2bn Investment Fund we’re setting out to change that – giving us the firepower to unlock development, build the homes people need and back the industries that will create the next generation of good, well-paid jobs.”
One of the drawbacks for Liverpool city region is its name: Liverpool City Region- suggests Liverpool is rural and quaint- the region should unify. It should be a county with Halton and a district between Halton and Wirral (Ellesmere Port) coming on board. It should keep its brand name (Liverpool) and call the city region Greater Liverpool, then 4 of the 6 boroughs would be by the ‘blue’ (water). The sea is the UK’s only salvation. People from other countries understand that. I bet most people at MIPIM are based next to the sea.
By George
The mayor needs to be strong and use this investment fund to build the engine of the region economy (liverpool) bringing forward, Pall Mall, Knowlege Quarter and Littlewoods ASAP and not just pacify other borough leaders.
By Anonymous
As a former brickie, Steve. Make sure this investment supports your construction sector. You’re going to need it to see this regeneration through. Once in a lifetime opportunity to make sure jobs in that industry don’t end up outside the region too.
By George Pigh
Steve speaking a lot of truth there in highlighting the failures of the local councils to work together as a united front, as well as the inadequacies within the separate authorities. He is not without his own critics as he so far has failed to get the Baltic Station on site, Broadgreen Station is still a mess, the Woodside ferry terminal is at least one year behind schedule.
Let’s just hope the optimism heading to MIPIM bears fruit.
By Anonymous
@George 10th March at 6.52am
Liverpool is located in the metropolitan county of Merseyside NOT Greater Liverpool…you just dream lol 😂
By G J Kitchener
The Mayor has already announced £1.6bn investment into transport across the city region. Is this £2bn investment fund in addition to transport investment or does it include it (leaving £400m for everything else)?
By Anonymous
I don’t mind Liverpool City Region. It’s better than the Frankenstein’s compromise of ‘West Midlands’ or ‘West Yorkshire’ which nobody internationally (or even British) really know where the heck it is. At least Manchester and Liverpool’s leaders had the backbone to assert that their city should be the name of the whole region, as is common sense to do so.
By Anonymous
@George 10th March at 6.52am
Liverpool is located in the metropolitan county of Merseyside NOT Greater Liverpool…it should be Greater Merseyside 👍🏻
By G J Kitchener
A lack of available finance has been a serious issue for developments in this area so the news is to be welcomed. However more detail is needed around how issues like Subsidy Control will be properly managed after what has happened in Greater Manchester with their investment fund. Hopefully lessons will be learned.
By Anonymous
Hi Dan @PNW
Can someone please ask Steve Rotheram why none of this £2bn isn’t being used for Littlewoods and other schemes, saves him taking the begging bowl to No 10 ?
Thank you.
By Liverpolitis
Liverpool has always been famous for it’s comedians.
By jrb
@ G J Kitchener – Technically Merseyside has not existed since 1986 when Metropolitan counties were abolished. The former county has been known as the Liverpool city region since 2014.
By Anonymous
Just to build one that West Midlands/Yorkshire comment, the NorthWest is fortunate that it’s city regions and hinterlands have a deep affinity with it’s major cities. That is not true of either Birmingham or Leeds. So I think the names tell something interesting about the culture of the place.
By Rich X
@Anonymous 10.30am
Yes Merseyside is exists it is metropolitan county since 1974 there the information about 1986 Liverpool city region is abolished in 1986 are still in Merseyside. Can you check the internet 👍🏻
By G J Kitchener
The gap between the two cities (Liverpool and Manchester) is closing. Erm…. Ok 🤔
By Anonymous
What everyone will want to know is how much of this £2billion is new money or already announced funding pots, most of which may already have been allocated? If it’s the latter then the Mayor will disappoint a lot of people.
By Anonymous
Don’t make me split my sides laughing Rotherham. The gap is closing between the two Cities. Then please explain why the GDP of Manchester is more than twice that of Liverpool. You are full of empty promises. 6 active construction cranes currently in Liverpool compared to 30 plus in Manchester. Construction cranes are seen as an economic barometer. If that’s the case then Liverpool is seen as nothing more than a flat tyre and Manchester is a hot air balloon.
By Stephen Hart
Sounds like Steve Rotherham has a major chip on his shoulder about the success of Greater Manchester.
By Ian Meadows
Steve needs to stop comparing Liverpool to Manchester, and for that matter, Andy with Manchester to London. ‘Closing the gap’ alone is no good (never mind difficult to quantify and probably wrong anyway), there needs to be integrated thinking, playing on the relative strengths of both cities, not just competition between them. Manchester certainly don’t see Liverpool as competition..
By Anonymous
@ G J Kitchener, er you are wrong, Tlthe 1985 Abolition Act only got rid of the Metropolitan County Councils but not the County itself hence there is still a Lord Lieutenant of Merseyside. Not sure of your source but it needs amending.
By Frank
Liverpool city region is an internationally recognised brand , so good for inward investment.Merseyside is a relatively recent (50 years ) concept and whilst some people may may prefer other names Liverpool is by far the best attack brand . The city region does seem to be moving well now …..but agree let’s stop comparing lithe city region to Manchester….they need to work together but not revert to the football like politics of the past .
By George
Is there a list of investments created in Liverpool as a consequence of attending MIPIM. Can someone kindly name a few ? Steve Rotherham says Liverpool is closing the huge gap with Manchester. Does he have evidence for this or is he just talking rubbish again. He’s made comments like this at MIPIM before and nothing seems to happen.
By Steve Davis.
Theres £4m ish a year going down the drain…pardon the pun on Mersey Tidal. Agree with the comment the construction sector needs help.
By Bob Dawson
With £2 billion in his pocket Rotheram has no more excuses for poor or no delivery. Within the next 12 months we should see treble the number of cranes in the city region’s skyline. If not, this will be seen as another over hyped announcement purely for MIPIM.
By Anonymous
You buy a lot of cycle ways for £2bn – how about extending Merseyrail around the outer loop aka ‘Merseyrail for all’?
By Anon
@ Anon 1.50pm, the Mayor seems blinkered about the Outer Loop, it runs through heavily populated areas from North to South Liverpool and can link in to Widnes and South Sefton. He needs to show more ambition and vision, this is what Manchester does it brings forward ideas and hammers them home year after year till they become a mantra for the civil servants.
By Anonymous