LCR firms benefiting from robust economy – Kendrick

Published on Business stage: Scaling, Starting, Unlocking

Businesses across the Liverpool City Region are benefitting from the area being one of the “most robust economies” in the North West, a regional director at Lloyds Bank Commercial Banking has told Insider. Martyn Kendrick also discussed the “promising signs” for the area.

Earlier this week, statistics showed that the number of new businesses established in Liverpool and the surrounding towns during 2019 was higher than in any previous year.

The data from the Inform Direct Review of Company Formations – pulled together using information from Companies House and the Office for National Statistics – found that 11,866 entities were registered compared to 11,451 the prior period, representing an increase of 3.6 per cent.

Kendrick said the city region is

“one of the most robust economies in the North West”, adding that it is “fantastic to see more businesses than ever setting up roots in the city”.

“The region is already home to a wide variety of sectors, with tech, professional services and tourism thriving here,” he told Insider. “For example, Liverpool’s visitor economy is now worth more than £4.5bn, supporting 53,500 jobs.

“This includes the Magical Beatles Museum, which we’ve been proud to support with a £725,000 funding package to secure its five-storey Mathew Street property. There are also more promising signs for the local tourism sector as construction gets underway on the city’s new cruise terminal.”

Kendrick also alluded to Liverpool scoring higher than the national average for its performance as an economic centre, with transport, income distribution and the environment all contributing to its reputation.

“Indeed, the city is leading by example on the sustainability issue,” he said. “Responsible business practices have become an integrated part of day-to-day operations for firms across the Liverpool City Region.

“New companies are often more innovative and disruptive, with the potential to drive greater prosperity and create even more opportunity for local people and suppliers and it will be exciting to watch their progress through 2020 and beyond.”

Kendrick believes it is an “exciting time” for businesses in the Liverpool City Region.

“We anticipate lending up to £1.3bn to firms in the North West during 2020 as we back the region as part of our plan to help Britain prosper.”

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