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First Freeports get final green light

[ December 8, 2022   //   ]

The UK’s first Freeports in Plymouth, Solent, and Teesside are now fully up and running after receiving final government approval, said the Department for Levelling up on 7 December.

Each of will now receive up to £25 million seed funding and potentially tens of millions of pounds in locally retained business rates to upgrade local infrastructure and stimulate regeneration, it said.

Businesses in Freeports can take advantage of tax incentives to unlock investment and create jobs.

Levelling Up minister Dehenna Davison said: “Now they are up and running, these Freeports will harness local expertise to grow vital industries and turbocharge our national economy.

“Freeports will generate prosperity and spread opportunity throughout the UK by driving innovation and throwing open our doors to trade with the world.

Teesside is expected to major on renewables, advanced manufacturing and the chemicals and process sectors, creating more than 18,000 highly skilled jobs in the northeast.

Solent will develop its maritime economy while Plymouth and South Devon will concentrate on marine and defence expertise.

Chief executive of the British Ports Association, Richard Ballantyne added: “We believe strongly that the business benefits Freeport areas include will be pivotal in attracting new investment and jobs to our important coastal regions. This is an exciting time to be involved in the ports sector and we are pleased that policy makers see our industry as a focal point for levelling up.

“Freeports benefit from a package of measures, comprising tax reliefs, customs advantages, business rates retention, planning, regeneration, innovation and trade and investment support.

We expect the remaining five English Freeports to join Plymouth, Solent, and Teesside in receiving final approvals shortly, and we remain committed to ensuring all four corners of the UK can reap the benefits of our Freeports programme.”

Maritime UK chief executive, Ben Murray, said: “The freeport programme is catalysing economic growth and job creation in coastal towns and cities around the UK. We’re delighted to see the first three officially launched with ambitious plans to develop their local proposition for inward investment, innovation, and exports.

“From marine autonomy to defence, advanced manufacturing to decarbonisation, these freeports will help strengthen our maritime clusters and grow our maritime sector; already one of Britain’s biggest industries. We look forward to continuing to work with government to harness the potential of maritime to accelerate levelling-up.

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