Liverpool is set for a major investment boost following a series of announcements in the Chancellor of the Exchequer’s Budget covering regeneration, housing and greater powers for the city region.
Headline among them is £20m of Government funding towards the transformation of Liverpool’s landmark Littlewoods building into a major film and TV campus – the Liverpool Creative Campus.
This investment from the Growth Mission Fund will support plans to restore and redevelop the historic building into a 260,000 sq ft creative production campus, subject to final business case approval.
The project is seen as an important part of Liverpool’s ambition to grow its film, television and creative industries and attract further jobs and investment to the city.
The £20m will support the wider redevelopment of the Liverpool Creative Campus at Littlewoods, with funding associated with ScreenWorks and education being provided separately.
But the Liverpool Creative Campus announcement is just one of a number of Budget measures which could have an impact on Liverpool.
The Chancellor has announced a further £432m nationally to tackle homelessness. As part of the Prime Minister’s ‘All In’ strategy to end homelessness, this investment will help Liverpool City Council to continue supporting some of our most vulnerable residents and, crucially, step in earlier to prevent people from losing their homes.
Liverpool is already shifting its approach from responding to homelessness in crisis to preventing it in the first place, with earlier intervention, better support and closer working with housing providers, charities and health services. The city’s ambition is to make homelessness rare, brief and non-recurring. The funding will give continuity to this strategy through to 2029.
There is also an additional £1bn nationally for social and affordable housing, taking the Government’s 10-year programme above £40bn.
Liverpool is already working with housing partners including Torus and Onward, with the additional national investment creating further opportunities to support the delivery of social and affordable homes in the city.
The Budget also includes moves to give mayors and local areas greater financial firepower to deliver regeneration schemes.
A new £1.5bn borrowing facility from 2028 seeks to give mayors greater ability to invest in projects including new homes, high streets and improved transport links.
Further measures around social housing borrowing could also give councils access to Government finance at preferential interest rates to support investment in housing.
Another £285m nationally for good growth funding has been announced, alongside £150m aimed at increasing capacity and expertise within local and combined authorities.
The Government has also set out a roadmap for greater fiscal devolution to local and combined authorities, alongside proposals around revenue assignment and business rates retention. The measures could give areas including Liverpool and the wider city region greater control over funding for growth.
All of these measures will give more control to local areas so decisions are made by the people who know their communities best – and understand where investment can make the biggest difference.
These measures must now be debated and approved by Parliament.
Cllr Ruth Bennett, Deputy Leader and Cabinet Member for Finance, Resources and Transformation, said: “This is a really positive Budget for Liverpool and a welcome recognition of the huge potential our city has to deliver jobs, homes and economic growth.
“The investment in Littlewoods is particularly significant. It is one of Liverpool’s great landmarks and its redevelopment presents an enormous opportunity to build on our success as one of the UK’s leading locations for film and television.
“The additional investment in affordable housing and tackling homelessness is also very welcome. These are major challenges for cities like Liverpool and this funding can help us work with our partners to deliver the homes our residents need.
“The additional £100 to help households in Band A – D housing with energy bills this winter is a welcome boost which will benefit the vast majority of residents in our city.
“We have also consistently argued that more decisions and resources should be brought closer to the communities they affect. Greater fiscal devolution and new investment powers can give Liverpool and the wider city region more of the tools we need to drive growth.
“I’m really pleased to see the new borrowing powers for mayors being brought forward, and we’re ready to work with Mayor Steve Rotheram to make sure we use them to deliver investment and opportunities that benefit residents right across all our communities.
“We will now look closely at the detail and work with Government, the Liverpool City Region Combined Authority and our partners to make sure Liverpool gets the maximum possible benefit.”
