Celebratory hangovers have given way to long preparations

As the celebratory hangovers wore off following Wednesday's announcement, leaders looked to a future of investment in the city.

Analysts have estimated that beating five other UK cities to the cultural prize will mean the creation of 14,000 jobs and �2bn of investment.

And to mark the bonanza, major opening and closing ceremonies for 2008 have been announced.

David Henshaw, chief executive of Liverpool City Council, said the news is something for all city residents to celebrate.

Liverpool was hungry to win this title - now we will deliver a brilliant year Council leader Mike Storey

"Liverpudlians will look at 4 June as the moment our city finally began to realise its true potential as a world city," he said.

"We have been away for far too long. Now we are ready to show the UK, Europe and the world what we are made of."

Festivals and events are being designed to strengthen ties with other nations, including China, Africa and Ireland.

The itinerary will build on the continuing construction of new landmarks like the Fourth Grace, which is to be built on the city's waterfront.

Chinese treasures

The city council has also revealed that a museum of comedy will open, aiming of creating an international festival of comedy.

There will also be a museum of Liverpool, aiming to be the "most interactive" in Europe, and archive trail and a world discovery centre.

Europe's only annual American/Irish festival is set to be established in the city, along with a year-long African festival, and exhibition of Chinese treasures.

"Liverpool was hungry to win this title - now we will deliver a brilliant year of truly amazing cultural events and activities," said council leader Mike Storey.