Liverpool - Overview:
Liverpool is based in the heart of the North West on the banks of the River Mersey and has a population in the region of 450,000 people. Whilst not the most impressive, the city's economic profile is beginning to improve as the level of inward investment rises and major regeneration projects take place. As an area with a GDP of less than 75 per cent of the EU average, Merseyside has been designated an 'Objective 1 Area' by the EU. As such, it will receive the highest level of regional funding available from the EU amounting to approximately £800 million between 2000-2006. The UK public sector is expected to contribute a further £800 million and there will be an estimated £395 million from the private sector, during the same period.

The general spirit of development and improvement is reflected in the city's current bid for the title of European Capital of Culture 2008. In doing so, Liverpool hopes to follow in the footsteps of Glasgow, which was the last UK city to benefit from the increased international profile the award brings. Already widely known for making its mark in the worlds of fashion and design and pop music, the bid represents an exciting opportunity for Liverpool's creative industries sector, which accounts for around 4.7% of all Merseyside jobs and generates in the region of £485 million annually. Other UK regions currently bidding include Newcastle & Gateshead, Inverness & Highlands and Cardiff.

Economy:
The city has traditionally been a manufacturing centre. However, employment in manufacturing is falling while employment in the service sector, especially in education, health, insurance, banking, and tourism has been on the increase. Tourism in Merseyside, based upon the city of Liverpool, is incredibly important to the local economy and there are approximately 3,000 leisure businesses in the area.

The local economy is struggling against a number of issues including a declining population, below average business survival rates, high long term unemployment and low education and skill levels in the local workforce. Much of the current investment the area is receiving is being put towards combating these issues.

Today, the city's manufacturing sector is dominated by a relatively limited number of large firms. The automotive industry is especially important to merseyside, with important manufacturers in the area including Ford and General Motors. Other local products include pharmaceuticals, electrical equipment, food and flour, and rubber products.

In the sciences, Liverpool University established the first department of biochemistry in the country. It celebrated its centenary with a major international conference in Liverpool called "Signaling the Future" this September. Liverpool is also known for creating the world's first school of tropical medicine, which In 1902, became the first medical institution to win the Nobel Prize, for Sir Ronald Ross's discovery that malaria is transmitted by the mosquito.

Today, the University of Liverpool is preparing to open its £23 million Biosciences Centre and Business Incubator. When complete it will provide world-class research, teaching and business incubation facilities and be home to more than 15 companies.

The university's biological and biomedical sciences community is one of the largest life sciences groups in the UK and the centre will be a key facility for this, and for biosciences and biomedical businesses in the region. In 2000, MerseyBIO was established as part of the 'Objective 1' programme for Merseyside. Its aim is to ensure that Merseyside realises its ambition to become a leading UK and international life sciences business cluster.

Local Infrastructure:
The city of Liverpool is well connected to the rest of the UK, has its own international airport, a major port and good road and rail links. Liverpool John Lennon Airport is located 7 miles from the city centre in Speke. It offers flights to several European destinations including Belfast, Barcelona, Dublin, Malaga and Amsterdam. In 2000, over a million passengers passed through the airport on scheduled flights and passenger numbers are expected to reach 4.5 million by 2006. Manchester Airport is only 45 minutes away and offers various domestic, European and global flights.

Liverpool is the main port for trade between the UK, the Isle of Man, Ireland and North America. The port also has more links with Canada than any other European port and handles in excess of 30 million tonnes of freight every year. Redevelopment of the Royal Seaforth Container Terminal is in progress and 80,000 sqare metres of new warehousing and light industrial units are being created at the port. Passenger ferries provide services between Liverpool and the Isle of Man, Dublin and Belfast and two new river berths for Irish Sea roll-on/roll-off ferries were recently opened.

The city has four train stations; Liverpool Central, Moorfields, James Street and Lime Street and offers one of the most frequent rail commuter services outside London. The city's main station is Lime Street and it provides connections with routes to and from all major cities in the UK. Travel time to London is around three hours.

Numerous motorway connections link Liverpool with the rest of the country. The M6 links the city centre to the M58, M56 and the M62.

Local workforce:
The county of Merseyside has a total labour force of nearly 600,000 people, just over 68 per cent of which are less than 45 years of age. The employment rate in the county stands at approximately 65 per cent. According to the local Speke Garston Development Company Liverpool is not suffering from a lack of skilled labour, despite a growing shortage in the general economy.

Liverpool boasts a wide range of quality educational establishments and approximately 60,000 higher education students. Recent studies from Liverpool John Moores University and Liverpool Hope have indicated that about one third of the student population remain in Merseyside after graduation.

Standard of Living:
Liverpool offers a vibrant cultural scene, alive with musicians, poets, writers, artists, painters and sculptors and has excellent entertainment opportunities, with numerous theatres, bars and clubs generating an exciting nightlife. The city also boasts more than 2,000 acres of parks, woods and gardens to enjoy.

Business Costs:
According to the leading global real estate services company DTZ Debenham Tie Leung, prime retail rents in Liverpool are one of the most expensive in the north west region at £250 per square foot as of May 2002. Wigan, Blackpool, and Manchester show prices of £100, £110 and £300 respectively. Prime office rent in Liverpool is £15.50 per square foot, while it is £13 in Wigan, £11.50 in Blackpool and in £25 Manchester. Industrial rents in Liverpool are relatively low. In the Industrial Rent Survey, published by ATIS REAL Weatheralls in summer 2002, Liverpool's industrial rent was priced at and average of £4.25 per square foot. The growth of the city's industrial rent was also expected to be low, at less than 4 per cent per annum to 2007. In comparison, Manchester had an industrial rent of £5.25 and forecasted growth of just under 5 per cent per annum to 2007.