CONNECTIVITY AND UPSKILLING KEY TO UNLOCKING GROWTH IN LIVERPOOL

The government’s recently launched Industrial Strategy reveals that the Liverpool City Region will play a key role in driving national growth by leveraging regional strengths and investing in innovation and technology, digital infrastructure, transport and connectivity, and upskilling.

David Hawley, Office Managing Partner in Liverpool and Chester at leading audit, tax and consulting firm RSM UK, looks at:

• The opportunities for businesses in Liverpool from the Industrial Strategy;

• How boosting connectivity in the region can leverage its growth-driving industries;

• Why technology can help to address productivity and skills shortages.

David Hawley comments: “The Industrial Strategy highlights the importance of increasing productivity in regional towns and cities, with the Liverpool City Region recognised as integral to unlocking economic growth. The region is home to two leading universities which help to drive innovation, skills development, and regional growth.

“The University of Liverpool’s research and innovation facilities are already making major contributions to advanced manufacturing, life sciences and digital and technology industries. Its Materials Innovation Factory and Virtual Engineering Centre are key examples of how academia can drive R&D and have commercial value. Liverpool John Moores University’s collaboration with local authorities on Horizons has also helped over 100 SMEs adopt new technology. Both institutions are creating a skills pipeline of high-skilled graduates, aligning to the government’s growth-driving industries and boosting the local economy.

“Despite its strong research and innovation capabilities, Liverpool has been unable to scale industry output due to investment and connectivity challenges.

The expansion of the British Business Bank’s Nations and Regions Investment Funds and further investment from the Local Innovation Partnerships Fund will alleviate some of this pressure and provide additional targeted capital to growth-driving businesses. Plans to improve rail connectivity and Transport for City Regions funding will also ensure that Liverpool is an accessible city for skilled workers and inward investment.

“Additionally, further investment in technology will help Liverpool to boost productivity and address skills gaps, especially in life sciences, digital and technology and advanced manufacturing. We’ve already seen the benefits of the Materials Innovation Factory on industry, enabling businesses to streamline their operations by adopting new technologies. Knowledge Quarter Liverpool is one of the region’s innovation districts that will help to bridge skills gaps, with focus on life sciences, health innovation and advanced materials.

“However, despite Liverpool’s growing innovation facilities and targeted support from the Industrial Strategy, commercial viability can be a major barrier for businesses to scale up, compounded by ongoing workforce and leadership challenges. It’s therefore essential that the government matches the region’s innovation strengths with long-term, placebased support that nurtures leadership, unlocks capital, and builds confidence in the region’s ability to scale globally competitive businesses and drive growth in the wider UK economy.”