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A shift in the UK economy may be underway

The International Festival for Business (IFB), held in Liverpool, has highlighted the fact that policymakers do not want the national economic recovery to be restricted to London and the South East.

David Cameron has said:

 

“Rebalancing is happening but it needs to go further and it needs to go faster. Whether you are looking at investment, new business creation, exports – it is clear to me economic revival is on the way.”

 

The Government assisted with the funding of the IFB. It has been reported that a third of the £15 million total has been gained directly from this source. In addition, the Government worked with a wide range of other partners to ensure that the ambitious event went ahead.

The IFB was designed to stimulate significant Foreign Direct Investment. It was also intended to boost British exports. However, it also gave Liverpool and the surrounding region a showcase to promote its brand.

If the North West does become more prosperous, then this will promote more consumption. Householders will be more likely to use floor sanding in Liverpool, for example, and carry out more renovation work.

Peel Ports has already started work on a freight terminal at Seaforth. The project involves the investment of approximately £300 million. When completed, the scheme will permit really large container ships to use Merseyside.

The Peel Ports terminal will be called Liverpool2. In the past, huge container ships were obliged to use the ports in southern England. If they use Liverpool2 instead of the likes of Southampton, this should boost the economy of the North West.

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