The method of time-resolved XUV photoelectron spectroscopy is applied in a pump-probe experiment on a liquid micro-jet. We investigate how the XUV energy spectra of photoelectrons are influenced by the space charge created due to ionization of the liquid medium by the pump laser pulse. XUV light from high-order harmonic generation is used to probe the electron population of the valence shell of iron hexacyanide in water. By exposing the sample to a short UV pump pulse of 266 nm wavelength and ∼55 fs duration, we observe an energy shift of the spectral component associated with XUV ionization from the Fe 3d(t 2g ) orbital as well as a shift of the water spectrum. Depending on the sequence of the pump and probe pulses, the arising energy shift of photoelectrons acquires a positive or negative value. It exhibits a sharp positive peak at small time delays, which facilitates to determine the temporal overlap between pump and probe pulses. The negative spectral shift is due to positive charge accumulated in the liquid medium during ionization. Its dissipation is found to occur on a (sub)nanosecond time scale and has a biexponential character. A simple meanfield model is provided to interpret the observations. A comparison between the intensity dependencies of the spectral shift and the UV ionization yield shows that the space-charge effect can be significantly reduced when the pump intensity is attenuated below the saturation level of water ionization. For the given experimental conditions, the saturation intensity lies at 6 10 10 W cm −2 .