Tesco chief drafted in to drive Liverpool’s growth

THE Government has drafted in Sir Terry Leahy, who leaves his role as chief executive at Tesco in March, to help draw up plans to stimulate economic growth in Liverpool.

The announcement came as the Government fleshed out its plans for the new Local Enterprise Partnerships (LEPs), promising to hold a summit in the spring and revealing details of a ‘capacity fund’.

Sir Terry, pictured, who grew up in Liverpool and is a board member of the city’s shadow LEP – which has set up in preparation for an official launch in April – has been tasked to work on an economic plan along with Lord Heseltine and other shadow board members.

The Government said a summit on growth and competitiveness will be held in several months’ time which will bring together LEP chairs from across the country, “to prioritise action to stimulate growth at a regional level”.

More details will also be revealed about the LEP Capacity Fund at the summit. It is the first suggestion of specific funding for LEPs. Until now the only source of funding available to the new bodies has been the £1.4bn Regional Growth Fund. In a statement the Government said the fund would, “help LEPs understand the real issues facing local businesses”.

Prime Minister David Cameron and Lord Heseltine, who chairs the advisory panel that will make decisions on what the Regional Growth Fund supports, were in Merseyside today visiting the site of Peel’s Group £4.5bn Wirral Waters mixed-use development on the Mersey, pictured below.

Mr Cameron said: “In the next few years people all over our country – north, south, east, west – are going to see real change in the way local economies work. New Local Enterprise Partnerships – coalitions of business, councils and communities like the one I saw in the Wirral this morning, are already working with business leaders like Terry Leahy to get big local projects off the ground to boost regional growth.

“This is a step change in the way regional growth is driven. And part of that step change is the Regional Growth Fund. We are saying to people – if you’ve got an idea to bring investment and wealth to your area, the £1.4bn Regional Growth Fund is there to help make those good ideas happen.”

The first of at least three bidding rounds is now open and the deadline for proposals is January 21. Further bidding rounds will be announced soon.