Liverpool businesses and residents invited to shape city’s economic future

A public consultation has been launched, inviting businesses and residents to have their say on a vision that aims to grow Liverpool’s multi-billion-pound economy over the next 15 years.

The Inclusive Economic Growth Strategy, developed by Liverpool City Council, will set out a framework for economic growth up to 2040.

Over the next eight weeks, the council is encouraging public feedback to help shape the action plan that will guide Liverpool’s future prosperity.

The vision for Liverpool 2040 is to create a strong and inclusive economy that leaves no one behind.

The strategy focuses on strengthening foundations to build a fairer, more prosperous, and sustainable city that creates opportunities for a good life for all its residents.

The draft strategy focuses on several key themes, including:

• Strengthening key sectors to drive growth, innovation, investment and productivity

Key sectors include: Health & Life Sciences, Creative and Digital industries, Advanced Manufacturing and Maritime.

• Build a vibrant, productive and resilient business base
• Ensure access to skills development, employment opportunities and career building
• Place people at the heart of growth activity and supporting aspirations and networks

Several public engagement events will be staged over the coming months to gather views from the public.

Liverpool currently powers a £16.7 billion economy, with over 14,000 businesses and around 230,000 people in employment.

However, significant challenges remain, including low productivity and investment, financial pressures on public services, inequality of opportunity in some communities, and health challenges.

In light of these challenges, the Council, which recently submitted a New Town bid to Government to regenerate a huge part of North Liverpool, is committed to supporting businesses and residents. Delivering an inclusive economy is a core pillar for Liverpool’s new Strategic Partnership plan for 2040, which is to be launched in late April.

This draft inclusive growth strategy will also complement other key aims such as the city’s Net Zero commitment, the actions outlined in the 2040 Health of the City report as well as the Council’s Local Plan, Housing Plan and Transport Plan.

To further underline the Council’s commitment, since June 2023, its Business Support Service has provided advice and guidance to over 1,000 Liverpool businesses and supported 300+ residents with direct advice on starting up a new business.

The Adult Learning and Skills team has also supported over 4,500 residents to develop essential workplace skills, and the Ways to Work team has supported 1,708 economically inactive and unemployed residents with employment and skills services.

Councillor Nick Small, Liverpool City Council’s Cabinet Member for Development and Growth, said: 

“This draft Inclusive Economic Growth Strategy is a vital piece of work and one which will come to define the conditions that support our businesses to grow.

“Feedback to this draft strategy is crucial, it needs to reflects the views and needs of our businesses, non-profit organisations, charities, and voluntary organisation – be it education, transport, housing or digital connectivity.

“We also want to hear residents’ views to ensure we create a strong, relevant and deliverable strategy, one that will inform the initiatives, interventions and investment into the infrastructure the city needs to underpin our future economy.

“All of this feedback will help us strengthen the strategy, ensure we deliver the right action for economic growth, and best placing us to build inclusivity so residents and communities thrive.”

Councillor Lila Bennett, Liverpool City Council’s Cabinet Member for Employment, Educational Attainment and Skills, said:

“The success of this strategy will be deeply rooted in the strength and diversity of our partnerships and our collective commitment and action. All our partners have a key role in driving economic growth and ensuring benefits are felt across all communities.

“We also want our partners, including the business community, to embrace and deliver for our residents by realising opportunities and addressing challenges, from climate change to AI, to train and up-skill their workforce to be ready for the economy of the future.”

People can also go online at www.liverpool.gov.uk/growthstrategyconsultation to find out more about The Inclusive Economic Growth Strategy and give their feedback.

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