Comment: Liverpool will ride financial storm

May 28 2008 Liverpool Daily Post

THE current economic situation is something that affects us all. Whether it’s the rising price of the weekly grocery shop or the wallet-emptying experience of filling your car up at the petrol pump, everyone is suddenly far more aware of the price of goods and services.

So, in a time of uncertainty and concern for many businesses and individuals, it is something of a relief to hear a calm voice amid the growing clamour of doom and gloom.

Jim Gill has been one of those who helped author Liverpool’s economic boom of the past five years.

Therefore, he is particularly well placed to judge just how much of a concern the city should feel now the world’s economy is experiencing something of a downturn.

He retains a realistic view of the residential property market in Liverpool, saying that the gradual levelling-off of development was only to be expected.

And when he says Liverpool is in a much stronger position now than it was five or 10 years ago to ride the credit crunch storm and emerge more or less unscathed, we would do well to pay attention to his words.

The fact is that the investors are not only in Liverpool, many more are continuing to invest in the city. Financial services have been a major driver of growth, and this area is bound to suffer from the credit crunch – something that will no doubt have repercussions for the local economy – but the general mood should remain optimistic.

For this is a city which is experiencing a burst of confidence right now; the opening of Liverpool One is just 24 hours away, and the buzz that has been steadily growing over the past six months as the project takes shape is now almost tangible.

Meanwhile, Culture Year has so far exceeded expectations in terms of the visitor numbers it has attracted.

There is no doubt that, despite the uncertainty of the current economic climate, there are many reasons to be optimistic for Liverpool in 2008 – and beyond.