Work can now finally start on site early next year creating the equivalent of 750 full-time jobs during the programme.

Around 60% of these jobs will go to local people, with 15% of the workforce coming from priority council wards in the City.

Around 100 apprenticeships will be created during the course of the build which will be completed in 2017.

The new hospital will be built next to the existing hospital, which will be demolished once services have been transferred.

Under the deal, Carillion will invest £15.5m directly in the project, alongside Scottish Widows Investment Partnership that will invest a similar amount.

It expects to generate £200m of revenue from its investment over the 30-year life of the concession contract.

The hospital will be one of the ‘greenest’ in the country, with renewable energy systems, low carbon technology, water meters and leak detection systems. At least 60% of materials are to be sourced locally.

The massive job also paves the way for a BioCampus on the site of the current hospital, which will play a key part in transforming the area and regenerating the Knowledge Quarter of the City.

Once completed, it will be the largest all single-bed hospital in the country with 646 beds, including a 40-bed critical care unit, 18 operating theatres and one of the largest emergency departments in the North West.

Aidan Kehoe, chief executive of the Royal Liverpool and Broadgreen University Hospitals Trust, said: “This is a huge moment for all those who have worked so hard, for so long and we are all delighted to have achieved financial close on the new Royal.”

Carillion chief executive, Richard Howson, said: “We are delighted to have achieved financial close on this exciting new hospital, which will be our sixteenth PPP hospital in the UK.”