MIAMI – As part of a recovery process, Liverpool City Region Combined Authority has granted Liverpool John Lennon Airport (LPL) a £34m loan.
The combined authority qualified the approval as a vital strategic infrastructure asset for the city region.
A Vital Airport for the Local Economy
According to Metro Mayor Steve Rotheram, international connectivity is essential for the local economy. Thus, he underscores that international gateways and tourism need a boost.
Besides the recent drop in revenue and passenger numbers, LPL reports to Liverpool an annual economic impact of £250m.
Taking this into consideration, the combined authority of the city approved a £34m loan for LPL. The amount is expected to provide stability for the airport and its passengers.
The Peel Group, the owner of LPL, had previously received a £260m loan. At the time, 10 of its shareholder councils granted the support.
Jobs at Liverpool John Lennon Airport
At the beginning of the lockdown, the airfield announced cutbacks to save costs as a way to fightback suspended air operations.
Due to this, LPL established pay cuts and short-time working for its executive team and employees.
Other measures included the deferral of capital expenditure, temporary lay-offs and some redundancies.
Thus, with today’s announcement, authorities also seek to support 6,000 local jobs to ensure the sustainability of LPL in the short term.