The move will be good news for Balfour Beatty and Morgan Sindall who were fighting it out to win “Wave 6” of school work in the city when BSF was dumped.

The task force will try and come up with a “Plan B” to progress work now central government funding had been slashed.

The group will be led by Liverpool Vision chief executive Max Steinberg and will ask the government for half of the original allocation and find innovative ways of supplementing it with additional resources.

Plans being considered include selling off land and assets to raise funds, and identifying vacant sites around the city which would be suitable for schools.

Steinberg said: “This BSF Task Force is about action and delivery. We will be working flat-out to get businesses behind Liverpool’s schools rebuilding programme, communicating the importance of building better schools to employers and investors, and securing the cash we need to deliver our plans.

“Our future prosperity rests on the shoulders of our young people, so if we are serious about creating a thriving city and a sustainable economy, it’s vital we invest in our younger generation now.”