Today’s Daily Post reports that without a EU Objective 1 status, which brought £929m into the city, Liverpool would have been “written off”. At an event to celebrate the programme, North West Minister Phil Woolas said the effect of not securing Objective 1 funding for Merseyside would have been disastrous.“The big point of Objective 1 is actually what would it have been like if we had not got it,” he said.
“My guess is that it would have been pretty disastrous, and Merseyside would not be in the position it is in today. “The population would probably have been 10% to 20% less than it is. “Investment would have probably been half what it is, and the city would have been written off. Because it lost confidence in the 1980s, people had lost confidence in it.
Objective 1 contributed funds to more than 1,802 projects between 2000 and 2008. In total, £929m has been invested in the city. The £160m Echo Arena and BT Convention Centre marked the single largest investment, receiving £50m. It also represents the largest single EU investment in the UK. The programme helped create almost 40,000 jobs, 15,768 business start-ups, and 24,589 firms have received help.