Budget: Freeports, Towns Fund And The Intra-city Transport Settlements

Jennifer Lee, office senior partner in KPMG’s Liverpool office, said: “Liverpool’s successful freeports bid will be a boon to the wider North West economy that will spur innovation, job creation and trade for years to come. The region is perfectly placed to leverage the opportunities presented by the freeport, which is expected to bring in £850m in total gross added value to our economy and create nearly 14,000 jobs.

“Freeports will have an important role in helping us build towards a Net Zero economy by boosting opportunities in hydrogen, offshore wind and tidal power, but also in creating the means for greater social mobility and economic opportunity. The Chancellor’s announcement will be widely welcomed across the North West.

“By attracting an increase in trade, the spurring of activity among established manufacturers could help to provide a hotbed for innovation-focused SMEs, creating clusters that drive inward investment across the whole of the country.”

Warren Middleton, office senior partner for KPMG in Manchester, said: “The £211m allocated for the North West from the Towns Fund will do a lot to alleviate the economic disruption faced by towns such as Preston, Bolton and Carlisle. This commitment forms a crucial, if under-discussed, part of the levelling-up agenda. The region’s most entrepreneurial and innovative firms will also be boosted by the introduction of the Future Fund: Breakthrough, a direct co-investment product designed to support their growth ambitions.

“Greater Manchester Combined Authority and Liverpool City Region will also welcome the capacity funding to support work on the intra-city transport settlements, future-proofing a vital part of the North West’s infrastructure for years to come.”