LIVERPOOL Council leader Warren Bradley believes the economic benefit of staging Capital of Culture will continue long into the future.

“In terms of legacy, the new Arena and Convention Centre could not have had a better first year, thanks to the profile from hosting major Capital of Culture events such as the opening weekend, MTV Awards and Sports Personality of the Year.

“It is now one of the leading venues of its type in the country, and other cities must be green with envy.

“Similarly, Liverpool One has had a cracking first six months and is attracting people from all over the region to the city – shoppers who had previously used Manchester or Chester.

“The downturn in the economy will play to our advantage, as people in this country may choose to go on more city breaks rather than holidaying abroad, particularly given the exchange rate.

“Of course, the investment does not stop at the end of 2008. When the new Museum of Liverpool opens, we will have an outstanding cultural offer which I believe is one of the best in Europe.

“In the longer term, Peel Holdings are working hard on hugely ambitious plans for Liverpool Waters.

“We can use all of this to our advantage when the city is centre stage at the Shanghai EXPO in 2010, and use it to attract significant investment to the city, generating more jobs and further boosting the economy.

“We have absolutely succeeded in what we set out to achieve when we announced that we were bidding for Capital of Culture back in 2000.

“It has been a long and sometimes challenging journey, but the benefits are there for all to see and I am tremendously proud of what has been achieved.”