£25 million in seed funding will be released to turbocharge development
Posted on: 8 December 2022
The United Kingdom’s first Freeports in Plymouth, Solent, and Teesside are now fully up and running after receiving final government approval on Wednesday, 7 December.
The Freeports becoming fully operational is a major milestone in the government’s mission to level up communities across the country and will help spread opportunity and drive economic growth.
Each of these Freeports will now receive £25 million seed funding and potentially hundreds of millions of pounds in locally retained business rates to upgrade local infrastructure and stimulate regeneration.
Businesses in these Freeports will now be able to take advantage of tax incentives, unlocking much-needed investment and bringing high quality jobs in industries of the future to some of the nation’s most overlooked communities.
Combined, the first three Freeports are expected to bring millions of pounds in investment and thousands of highly skilled jobs, turbocharging local economies and benefitting the whole of the UK.
Levelling Up Minister Dehenna Davison said: “We are taking full advantage of the freedoms of leaving the EU and these Freeports in Teesside, Plymouth and Solent will attract new business to often overlooked areas, creating thousands of jobs.
“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.”
The Department for Levelling Up, Housing and Communities has given the final greenlight for the Freeports which are set to receive up to £25 million each to drive local plans.
This means:
· Teesside, can continue to drive investment and industrial growth in renewables, advanced manufacturing and the chemicals and process sectors, creating more than 18,000 highly skilled jobs in the northeast.
· Plymouth will harness the region’s marine and defence expertise to deliver thousands of skilled jobs injecting millions of pounds of investment into the region.
· Solent will grow its ambitious maritime economy, making the Solent a thriving hub for the world’s marine and maritime sector and creating an estimated 56,000 highly skilled jobs.
Freeports will 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.
