Plans to create the UK’s second investment zone in Liverpool, focusing on life sciences, are being welcomed by neighbouring rural areas.

The Government said that the move could unlock £320 million of private investment, deliver 4,000 jobs across Liverpool and surrounding areas over the next 5 years, creating a pharmaceutical production superpower.

Lancashire County Councillor Aidy Riggott, Cabinet Member for Economic Development and Growth said:

"The new Investment Zone, to be located in Liverpool, once again shows the Government's confidence in the North West as a powerhouse of industry and innovation and will be a boost for the region as a whole.

"The opportunities afforded by this investment will be wide-ranging and will likely bring many benefits to Lancashire as one of Liverpool's neighbours.  West Lancashire borders the Liverpool area and boasts a range of attractive rural and urban communities as well as high quality and skilled home-grown talent.

"We will need to assess what these opportunities might be for Lancashire and how they can support our county's economic strategy and our ambitious pan-Lancashire Growth Plan – Lancashire 2050 - in terms of capitalising on our extensive business, skills and lifestyle offers."

Meanwhile Steve Rotheram, Mayor of the Liverpool City Region, also welcomed the news:

“Our area is fortunate to play home to world-leading clusters in life science research and innovation, which support thousands of secure, well-paid jobs and training opportunities for local people. I am incredibly proud of what our region has achieved in the sector - but this is just a down payment on my future ambitions. I want us to go even further and establish our region at the forefront of UK science and innovation.

“With a potential £310 million worth of investment and thousands of local jobs on offer, it is clear that this is an opportunity worth exploring. Yet, throughout this process, I have been clear that any investment in our area must go much further than purely financial incentives. I want to use our status as a force for good, to connect our residents up to secure, well-paid jobs and training opportunities, and attract transformational investment into our area.

“To play our part in making that happen, we will be investing 5% of GVA in R&D over the next few years - that is nearly double national targets. Becoming an innovation superpower might sound like a lofty ambition - but I believe that if anywhere has the potential to achieve it, then it’s the Liverpool City Region.”

The Government will now continue to work with the Liverpool City Region, University of Liverpool and other local partners to co-develop the plans for their Life Sciences Investment Zone, including agreeing priority development sites and specific interventions to drive cluster growth, over the summer, ahead of final confirmation of plans.