WILL FINTECH CONSULTATION ACCELERATE LIVERPOOL CITY REGION’S REGENERATION PROGRAMME?

Graham Bond, office managing partner for RSM UK in Liverpool,

discusses the outcome of the Liverpool City Region FinTech analysis and what it means for economic growth.

Following the launch of a regeneration programme to revitalise the local economy, Liverpool has become one of the UK’s leading business destinations. This has been achieved through investment in science, health, technology, education and creative sectors, to innovate and enhance connectivity between businesses, the local community and visitors to the region.

As a vibrant Northern city home to 54,000 students, Liverpool has the potential to be world-leading in global innovation, provided partnerships between industry and academic research expertise continue to grow, bringing a welcome boost to employment levels, wealth creation and upskilling.

Liverpool’s recent success in hosting the Eurovision Song Contest attracted over 500,000 visitors, with retail, hospitality and leisure businesses potentially reaping £250m economic benefits from the international event over the next three years. Similarly, greater global connectivity and opportunities for inward investment will be made possible through the creation of the Liverpool City Freeport – broadening the scope of trade, employment and infrastructure available to the region. However, with opportunities also come challenges. To date, levels of investment in the city region have been lower than desired, and from speaking with our clients in the region, there is certainly room for improvement and a feeling of playing ‘catch up’ with London and the South East. Although riding on the success from Eurovision for now, businesses need clarity on how other measures such as the Freeport will contribute to drive long-term economic growth for all.

At RSM, we have recently partnered with Growth Platform (Liverpool City Region Growth Company), Liverpool City Region Combined Authority, University of Liverpool, DTM Legal, Professional Liverpool, and FinTech North to analyse the impact of the FinTech ecosystem on the Liverpool City Region and make suggestions about how the sector might better support the regional economy. Initial findings from the report found that the Liverpool City Region’s FinTech ecosystem is significantly larger than anticipated, providing real scope for regional collaboration to make Liverpool a leader in innovation investment.