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- Teesside, Plymouth and South Devon and Solent Freeports fully operational after final government signature
- Up to £25 million in seed funding will be released from the government for turbocharge development at each freeport
- Freeports will play a key role in creating thousands of jobs and driving economic growth with billions of pounds of investment.
The first Freeports in the United Kingdom in Plymouth, Solent and Teesside are fully operational today (Wednesday 7 December) after receiving final government approval.
Freeports becoming fully operational is a major milestone in the government’s mission to level up communities across the country and will help spread opportunities and drive economic growth.
Each of these freeports will now receive up to £25 million in seed funding and millions of pounds in locally retained business rates to upgrade local infrastructure and stimulate regeneration.
Businesses in freeports can take advantage of tax incentives, unlock much-needed investment and bring 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 generate millions of pounds of investment and thousands of highly skilled jobs, turbocharging local economies and benefiting the UK as a whole.
Leveling Up Minister Dehenna Davison said:
We are taking full advantage of the freedom to leave the EU and these freeports in Teesside, Plymouth and South Devon and Solent will attract new business to often overlooked areas, creating thousands of jobs.
Now operational, these freeports will harness local expertise to grow vital industries and turbocharge our national economy.
Freeports will spread prosperity and opportunity across the UK by driving innovation and opening our doors to trade with the world.
The Department for Leveling Up, Housing and Communities has given the final green light for Freeports which are set to receive up to £25 million each to run local schemes.
This means:
• Teesside can continue to drive investment and industrial growth in the renewable, advanced manufacturing and chemicals and process sectors, creating over 18,000 highly skilled jobs in the North East.
• Plymouth and South Devon will use the region’s maritime and defense expertise to deliver thousands of skilled jobs, investing millions of pounds in the region.
• The Solent will grow its ambitious maritime economy, making the Solent a thriving hub for the world’s maritime and maritime sector.
Ben Murray, chief executive of Maritime UK, said:
The Freeport program creates economic growth and employment in coastal towns and cities around the UK. We are delighted to see the first three officially launched with ambitious plans to develop their domestic proposition for inward investment, innovation and exports.
From maritime autonomy to conservation, advanced manufacturing to decarbonisation, these freeports will help strengthen our maritime clusters and develop our maritime sector; Already one of Britain’s biggest industries. We look forward to continuing to work with the government to use marine capacity to accelerate stratification.
Richard Ballantyne OBE, Chief Executive of the British Ports Association, said:
Congratulations to Plymouth, Solent and Tees Freeports as it has taken a lot of hard work to get to this stage. We welcome the next chapter of this key economic policy and want to see Freeports working for their regions as well as the UK as a whole.
We strongly believe that the business benefits that freeport areas entail will be critical in attracting new investment and jobs to our important coastal regions. It is an exciting time to be involved in the port sector and we are delighted that policy makers see our industry as a focal point for leveling up.
Freeports benefit from a package of measures including tax concessions, customs benefits, maintaining business rates, planning, regeneration, innovation and trade and investment support.
We hope that the remaining five English freeports in Plymouth, Solent and Teesside will soon join in gaining final approval and we remain committed to ensuring that all four corners of the UK can reap the benefits of our freeport programme.
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