LIVERPOOL city region needs to move away from the "scattergun" approach of the past if it is to successfully grow its economy.
That was the verdict of the panel of business leaders and experts who took part in the Liverpool Daily Post round table debate on economic growth.
On the panel were Rod Holmes, chairman of The Mersey Partnership (TMP), Liverpool John Moores University academic, Professor Michael Parkinson, entrepreneur and business advisor to Liverpool City Council, David Wade-Smith and Frank McKenna, chairman of business lobby group, Downtown Liverpool in Business (DLIB).
The debate was chaired by Liverpool Daily Post business editor, Bill Gleeson, who began by asking Rod Holmes how TMP and its partners had identified knowledge economy, superport, low carbon and visitor economy as the key sectors to be concentrated on.
Mr Holmes said: "They were chosen for particular focus because these parts of the economy have the potential for more rapid economic growth.
"In each of these areas, we have assets and capabilities and human resources.
"They were chosen for particular focus because these parts of the economy have the potential for more rapid economic growth and have now been adopted by the Local Enterprise Partnerships.
"In each of these areas, we have assets and capabilities and human resources.
"There is evidence and a consensus that these sectors have greater potential for growth.
"We have not kept pace with economic growth nationally in terms of per capita - GVA. If you look at the growth per person in employment, then we have fallen. That is true relative to other city regions.
"Productivity is also low and now we have to rebalance from public to private sector.
"The challenge is greater than we recognise.
"The real failure to improve means the scattergun approach has not worked."
Professor Parkinson agreed, saying: "What we need is more clarity and more focus and I think this document is good. The scattergun approach is not good.
"Fifteen years ago, we were on our knees and helpless - now we are not.
"We have come on a long way and we are now halfway up the hill.
"We are in a global marketplace and some other places, like London, have done better. Merseyside is a good news story and the sectors that we have picked means we are playing to our strengths."
