Economy
The Liverpool City Region is strongly established as an important driving force in the economy of Northern England and as a strategic sea and air gateway to the European Union. It connects to North America, Ireland, the Isle of Man, Europe and beyond; serving international, national and regional markets, investors and visitors. Liverpool is the UK’s fastest growing economy outside London, one of the UK’s top three biomedical centres, and has the UK's second largest wealth management industry.
The region contains some 49,000 local businesses providing 540,000 jobs, generating GVA of £19bn-£22bn, and its economy is worth 17% of North West England’s entire total.
The region is largely monocentric with Liverpool as the dominant employment centre, however economic activity is widely spread across the six districts. Broadly speaking Liverpool is the commercial, cultural and transport hub of the region, with Sefton as the base of Seaforth Dock and tourist resort of Southport, Halton as the location for chemical, science, technology, logistics and distribution companies, and Knowsley, St Helens and Wirral providing key manufacturing and logistics for the area. The city of Liverpool itself has a compact Travel to Work Area reflecting its position on the North West Atlantic Seaboard and compactness of the surrounding urban area.
The city region is traditionally seen as a service sector economy, with its so called knowledge economy providing one third of the local employment base and over 40% of its total economic value. According to statistics for 2008, the Life sciences sector accounts for almost 10% of the region’s economy, over 71,000 people are employed in financial and professional services, over 34,000 in manufacturing, and almost 24,000 in the creative and digital industry. The area is strongly connected to global markets, through its ports, airports and by its many multinational companies. World companies such as Barclays Wealth, Jaguar Land Rover, Maersk, Novartis, Santander, Sony and Unilever, all have a major base of operation in the locality.
Liverpool City Region is closely related economically to the wider functional area of Warrington, Cheshire West and Chester, Ellesmere Port, North East Wales and Lancashire.
Over the coming decades, the city region plans to deliver some of the UK’s largest and most ambitious development and infrastructure schemes, representing a development value in excess of £30bn.
- Planned schemes include
- Liverpool Waters
- Wirral Waters
- International Trade Centre
- Commercial District Expansion
- Round 2.5 and Round 3 Irish Sea offshore wind farms
- New Deep Water Port on the Mersey
- Daresbury Science and Innovation Park
- Biomass Power Stations along the River Mersey and Manchester Ship Canal
- Environmental Technology Zone
- Mersey Gateway Bridge
- Expansion of the Mersey Multimodal Gateway (3MG)
- New Royal Liverpool University Hospital and Bio Campus
- Edge Lane Retail Park
- Transformation of North Liverpool
Read more about this topic: Greater Merseyside
Famous quotes containing the word economy:
“Cities need old buildings so badly it is probably impossible for vigorous streets and districts to grow without them.... for really new ideas of any kind—no matter how ultimately profitable or otherwise successful some of them might prove to be—there is no leeway for such chancy trial, error and experimentation in the high-overhead economy of new construction. Old ideas can sometimes use new buildings. New ideas must use old buildings.”
—Jane Jacobs (b. 1916)
“Even the poor student studies and is taught only political economy, while that economy of living which is synonymous with philosophy is not even sincerely professed in our colleges. The consequence is, that while he is reading Adam Smith, Ricardo, and Say, he runs his father in debt irretrievably.”
—Henry David Thoreau (1817–1862)
“Unaware of the absurdity of it, we introduce our own petty household rules into the economy of the universe for which the life of generations, peoples, of entire planets, has no importance in relation to the general development.”
—Alexander Herzen (1812–1870)