TMP publishes plan to drive economy

Major regeneration projects will contribute towards creating around 128,000 jobs across Merseyside during the next decade, according to a new report.

The Mersey Partnership's annual economic review uses national data from 2009 figures to forecast economic growth within four key sectors: knowledge economy, low carbon, superport and visitor economy.

The report will be launched on Monday at the Royal Liver Building and includes action plans for developing the four sectors.
Private sector led committees have prepared the plans with support from other experts and assistance by TMP.

Lorraine Rogers, TMP chief executive, said: "This compares to 50,600 new jobs created (net) in Liverpool city region from 1999 to 2008. The plans have been prepared by private sector led committees supported by other experts and facilitated by TMP.

"TMP is not saying that these four areas are the only answer; other sectors are important too, as are major regeneration projects and initiatives to support SMEs – but history suggests that we will not create the step changes and accelerate growth through a broad based approach. Focus is required. The prize is enormous. All four teams have assessed the assets in their sector, have action plans and are drilling down to specific opportunities for growth; and are now beginning to deliver them."

Rod Holmes, chairman of TMP, said: "Liverpool city region's rate of growth, Gross Value Added, is improving. However, the gap between economic output here and the UK average remains wide and must be bridged. We have to substantially accelerate the rate of growth in our economy and substantially accelerate the rate of improvement in productivity.

"Our economic objectives, in order to achieve others, are: growth, productivity and re-balancing the economy."

Economic analysis by Amion Consulting, based on available trend and capital investment project intelligence, has forecast the potential for over 21,000 new jobs and an additional £6.1bn of Gross Value Added to be created through Superport by 2020 and nearly 30,000 new jobs and an additional £18.3bn of GVA by 2030.

The following table shows long term projects that have the potential to transform the ports, airport and logistics sectors across the Liverpool city region, contributing to the creation of a Superport. They are:

Peter Nears, strategic planning director at Peel Holdings and chairman of the Liverpool SuperPort committee, said: "Liverpool thrived on the back of bold private sector led investment in its port capacity for over 200 years. Today we see that spirit of entrepreneurship and investment confidence in the plans set out to establish Liverpool city region as a SuperPort. The major investments highlighted in the action plan will provide key port and logistics facilities throughout the Liverpool city region, for business to establish, grow and flourish under the SuperPort umbrella. It will enhance Liverpool city region's competitiveness and cost efficiency."

Meanwhile, TMP's review forecasts that nearly 12,000 new jobs can be created in the low carbon economy over the next five years.

Commenting on the knowledge economy plan, Prof Sir Howard Newby, University of Liverpool vice-chancellor, who chairs the knowledge economy group, said: "This is an ambitious plan which aims to generate nearly 60,000 additional jobs by the early 2020s, to raise productivity and to move GVA closer to the national average. At this time of radical change it represents an exciting opportunity for the city region to pull together and drive its economy forward to the benefit of all those who live and work here."

TMP's review also estimates an additional 14,000 jobs will be generated within the visitor economy and generate an overall economic impact of £4.2bn by 2020.

Ian Ayre, Liverpool FC commercial director and visitor economy committee chairman, added: "The visitor economy strategy sets out the priorities, activities and projects that stakeholders collectively feel offer the best prospects to increase the competitiveness of Liverpool city region and maximise generation of additional Gross Value Added via the visitor economy. It provides a clear rationale for investment in the visitor economy."