Fund to create 10,000 jobs and £47m boost for Wirral
A NEW fund to boost the regeneration of Wirral’s docklands has been hailed by the Minister for the Northern Powerhouse.
The proposed Wirral Waters Investment Fund would see business rates generated within the Wirral Waters Enterprise Zone re-invested to stimulate further growth and investment.
Money generated by the Fund could be re-invested for up to 22 years, during which time, says a report going to Wirral’s Cabinet on November 5, up to £47m worth of investment, and up to 10,000 new jobs could be generated.
The proposal has been welcomed by James Wharton, minister for the Northern Powerhouse and Enterprise Zones.
He said: “Wirral is a great place to set up and do business, playing a part in building the Northern Powerhouse and rebalancing our economy. This fund will potentially attract millions of pounds of private sector investment to the area.
“It shows how councils can support enterprise zones to create economic growth, jobs and prosperity to improve people’s lives.”
Wirral Council leader Cllr Phil Davies said: “This Fund will allow us to accelerate investment within the Enterprise Zone which will increase investment for regeneration, all of which is excellent news for jobs and the Wirral economy.
“It is exciting to think that during the life of the fund, it could support £47m worth of investment, and up to 10,000 new jobs, helping us deliver on our 2020 pledges to increase inward investment and provide greater job opportunities.”
Developments currently being delivered within Wirral Waters Enterprise Zone include the Tower Wharf office development and the new Wirral Metropolitan College campus.
The Fund could help to unlock a pipeline of planned projects to support activity in the Wirral Waters Enterprise Zone including infrastructure, site preparation and building projects such as a new office building at Tower Road South, the Marine & Energy Park and the Maritime Knowledge Hub at the Hydraulic Tower.
Money generated in new business rates from these and future developments will be used to encourage further developments which in turn will create jobs within the borough.
