A NEW fund to boost the regeneration of Wirral’s docklands is to be unveiled next week.

The proposed Wirral Waters Investment Fund would see business rates generated within the project's Enterprise Zone re-invested to stimulate further growth and investment.

A report to Wirral's council cabinet next Thursday says the money could be re-invested for up to 22 years during which time up to £47m of investment and 10,000 new jobs could be generated.

The proposal has been welcomed by James Wharton, minister for the Northern Powerhouse and Enterprise Zones: “Wirral is a great place to set up and do business, playing a part in building the Northern Powerhouse and rebalancing our economy.

"This fund will potentially attract millions of pounds of private sector investment to the area.

“It shows how councils can support enterprise zones to create economic growth, jobs and prosperity to improve people’s lives.”

Council leader Cllr Phil Davies said: “This fund will allow us to accelerate investment within the Enterprise Zone which will increase investment for regeneration, all of which is excellent news for jobs and the Wirral economy.

“It is exciting to think that during the life of the fund, it could support £47m worth of investment, and up to 10,000 new jobs, helping us deliver on our 2020 pledges to increase inward investment and provide greater job opportunities.”

Peel Land and Property director Richard Mawdsley, who is head of development at Wirral Waters, said: “The ability of local authorities to retain 100 per cent of new business rates from live projects and reinvest these back into the Enterprise Zone is the main benefit of this zone designation.

"This is good news for the area as the Investment Fund will help to catalyse further development leading to delivery momentum, regeneration and jobs.”

Schemes currently underway include Tower Wharf office development and the new Wirral Metropolitan College Campus.

The council says the fund could help to unlock a pipeline of planned projects including infrastructure, site preparation, a new office building at Tower Road South, the Marine & Energy Park and the Maritime Knowledge Hub at the Hydraulic Tower.