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A new £500m fund to create thousands of jobs in Liverpool city region is being launched today - and it could show what Jeremy Corbyn's "socialism in action" might look like.

Metro Mayor Steve Rotheram wants his Strategic Investment Fund (SIF) to help create skilled jobs and potentially to improve our high streets, transport system and broadband networks.

But he says that as well as growing the economy, he also wants to improve the daily lives of local people.

The metro mayor wants to use the cash to boost local living standards while growing the economy.

So anyone who wins cash from the fund will be more likely to succeed if they say they would use local labour, refuse to use zero hour contracts, and pay the real living wage. And the metro mayor says "no borough will be left behind."

(Image: Liverpool Echo)

Nearby Preston has recently won international attention for the success of its so-called "Corbynomics" named after the economic policies of Labour leader Jeremy Corbyn, where large local organisations and public sector bodies have been encouraged to hire local and buy local. Preston has just been named the UK's most improved town.

At the last General Election, Labour pledged to create a "National transformation Fund" to increase levels of public spending in infrastructure, jobs and training.

Theresa May narrowly squeaked to victory in the election. But the metro mayor now plans to use the money he has got from the Government to create a local version of that Labour policy.

In a speech later today, Mayor Rotheram is set to say that he wants the fund to show "the difference that Labour in power and socialism in action can make."

He says the fund could be used for projects including:

Ultra-fast broadband for every borough

A new smart ticketing system to replace the Walrus card

Help for our high streets

A new generation of Mersey Ferries

The fund will be open to large and small firms, as well as to councils and public bodies.

There will be a shorter application process for smaller bids of less than £1m, to ensure the combined authority can work with smaller firms and on smaller cultural projects.

Mayor Rotheram said: “Our key purpose as a Combined Authority is to improve our residents’ lives, by creating the right environment for our economy to thrive, while ensuring that growth benefits everyone through well paid local jobs and increased living standards.

“Through the Strategic Investment Fund we will have around half a billion pounds available to support projects in areas such as transport infrastructure, economic development, business growth, skills, culture and housing.

“Devolution gives us the opportunity to do things differently, and one of the ways we will do that is by making clear to applicants that they will have a better chance of success if their bids demonstrate positive social impact.

(Image: Liverpool Echo)

“So for example, we will consider their bid more highly if they pay the living wage, recognise trades unions, create apprenticeships and use local supply chains and labour to deliver their projects.

“We are determined to ensure that in an uncertain, post-Brexit world this funding delivers the maximum possible benefit to the people of the whole Liverpool City Region.

"That is why we will be working hard to ensure we fund transformational projects that have the highest possible impact in Halton, Knowsley, Liverpool, Sefton, St Helens and Wirral.”

The authority's previous Single Investment Fund has already earmarked £400m for projects across the region that it says will help create some 9,000 jobs.

Those investments include £13m for a new station at Maghull North, £20m for a new cruise liner terminal in Liverpool and £14m for the Shakespeare North Playhouse and a rail interchange project in Prescot.