Accelerating Economic Growth: The Freeports Delivery Roadmap
In recent times, the UK government has set out an ambitious roadmap aimed at accelerating trade and investment in key port areas across the country. This strategic plan is designed to further leverage the success of the free ports policy introduced in 2021 and unlock the economic potential of strategically located port communities. The new Freeports Delivery Roadmap includes over 50 cross-government actions, signaling a strong commitment to bolstering the growth and prosperity of these areas.
Investment Opportunities Fund: A Key Catalyst for Growth
One of the notable initiatives outlined in the roadmap is the establishment of a £150 million Investment Opportunities Fund to empower free ports and investment zones to swiftly respond to major investment prospects that may arise. This fund is a clear signal of the government’s resolve to provide the necessary resources for these areas to seize opportunities that can drive economic growth and job creation.
Extending Special Tax Incentives: Fostering Long-Term Growth
Moreover, the roadmap extends the deadline for claiming special tax relief on English freeport sites from five to ten years, ensuring a full decade of sustained growth for port communities. This longer period for tax relief provides a favorable environment for businesses in these areas to thrive, attracting more investment and creating a ripple effect of economic benefits for the local population.
The Impact of Freeports: A Testimony to Success
The success of the free ports policy is already evident, with almost £3 billion of investment attracted within just two years, leading to the creation of over 6,000 jobs. This tangible impact underscores the immense potential of free ports in driving economic growth and job creation, especially in sectors that are crucial for the future. The significant investments from companies such as Siemens Gamesa, ScottishPower, and Associated British Ports stand as testament to the attractiveness of free ports as investment destinations.
Unlocking Infrastructure Development and Access to Talent
The roadmap also emphasizes the importance of infrastructure improvements, with the UK Infrastructure Bank poised to collaborate with free ports to finance essential infrastructure projects. This includes providing flexible loans to local authorities and extending support to private sector investors, signaling a comprehensive approach to addressing infrastructure needs in these areas. Furthermore, the roadmap underscores the need to ensure access to skills and workforce by facilitating joint efforts between free ports, local institutes of technology, universities, and Jobcentre Plus to connect jobseekers with opportunities at free ports.
Investment Zones: Driving Productivity and Growth
In addition to the focus on free ports, the roadmap also extends its measures to Investment Zones, recognizing their role in driving productivity and growth in areas that require leveling up. These zones serve as catalysts for stimulating private investment in high-potential locations, thereby creating more high-priority jobs for local communities and contributing to the overall economic leveling up agenda.
Expanding Opportunities: Collaboration with Devolved Administrations
As part of its commitment to fostering collaboration, the UK Government aims to work closely with the devolved administrations to extend the 10-year deadline for claiming support at free ports in Scotland and Wales. This inclusive approach reflects the government’s commitment to ensuring that all regions have the opportunity to benefit from the momentum generated by free ports and investment zones.
The Potential of Free Ports and Investment Zones
The appeal of free ports and investment zones extends beyond their immediate economic impact. These areas are becoming hubs of innovation and investment, driving local regeneration and positioning themselves as hotspots for economic activity. By leveraging these opportunities, the government aims to create a network of economic hotspots across the country, providing vital impetus for private investment and job creation, ultimately contributing to leveling up the economy.
The Road Ahead: A Mark of Progress and Promise
The Freeports Delivery Roadmap is not just a strategic plan; it represents a significant milestone in the government’s commitment to revitalizing key port areas and empowering them to realize their full economic potential. By outlining clear timelines and actionable steps, the roadmap sets the stage for rapid progress, with a focus on improving the lives of local people in historically overlooked areas. As highlighted by Levelling Minister Jacob Young, the goal is to maximize the potential of these communities and ensure that the benefits of free ports and investment zones are felt by all.
A Bright Future: Paving the Way for Economic Renewal
The government’s steadfast focus on free ports and investment zones reflects a holistic approach to fostering economic renewal and revitalization across the UK. By empowering these areas with the necessary resources, support, and incentives, the government is paving the way for sustainable economic growth, job creation, and community development. The success stories emerging from free ports and investment zones serve as compelling evidence of the transformative impact these initiatives can have on local economies, industries, and the lives of people.
Summary:
The UK government has unveiled the Freeports Delivery Roadmap, a strategic plan to accelerate trade and investment in key port areas across the country, building on the success of the free ports policy introduced in 2021. The roadmap includes over 50 cross-government actions, such as the establishment of a £150 million Investment Opportunities Fund and the extension of special tax incentives. The success of the free ports policy is evident, with almost £3 billion of investment attracted within two years, leading to the creation of over 6,000 jobs. The roadmap also extends its measures to Investment Zones, reflecting the government’s commitment to fostering collaboration and extending support to all regions. The appeal of free ports and investment zones goes beyond their economic impact, positioning them as hubs of innovation, investment, and local regeneration. The roadmap represents a significant milestone in the government’s commitment to revitalizing key port areas and empowering them to realize their full economic potential. By empowering these areas, the government is paving the way for sustainable economic growth, job creation, and community development.
For more information, please visit https://www.gov.uk/guidance/freeports-delivery-roadmap.
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- More than 50 measures, including a £150 million fund, will boost a successful free ports policy, along with special tax incentives extended until 2031.
- The new strategic roadmap will help key port areas take advantage of Freeports' £2.9bn investment and the creation of 6,000 jobs.
- Plans will be implemented to establish timelines, ensuring timely actions to benefit local people in port communities.
The government has set out a new roadmap to further accelerate much-needed trade and investment in key port areas across the country.
The successful free ports policy introduced in 2021 is already enabling strategically located port communities to realize their economic potential and, in just two years, has attracted almost £3 billion of investment that will create more than 6,000 jobs.
The new Freeports delivery roadmap will help Freeports go even further by setting out an action plan of more than 50 cross-government actions. These include:
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A £150 million Investment Opportunities Fund to help free ports and investment zones respond quickly to major investment opportunities that arise.
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Extend the deadline for claiming special tax relief on English freeport sites from five to ten years, securing a full decade of growth for port communities.
Levelling Minister Jacob Young said:
We are already seeing the huge and undeniable opportunities being brought by Freeports, which have brought in almost £3 billion of investment, which will create thousands of long-term jobs in sectors of the future.
Our action plan in the Freeports Delivery Roadmap will maximize the potential of these communities to become hubs of innovation and investment, with clear delivery timelines to ensure rapid progress.
Our goal is to improve the lives of local people in historically overlooked areas and Freeports is helping us achieve this.
The government is committed to making the long-term decisions necessary to strengthen the economy, and free ports are at the heart of the government's leveling up agenda, creating opportunities for everyone (from UK citizens and businesses to foreign investors) and providing vital local regeneration. There are currently twelve free ports in Great Britain: eight in England, two in Wales and two in Scotland.
Other measures on the roadmap include:
- Infrastructure improvement: The UK Infrastructure Bank will work with Freeports to finance infrastructure improvements, including through flexible loans to local authorities and debt, equity or guarantees to private sector investors.
- Access to skills and workforce: Ensure joint working between Freeports, local institutes of technology and universities, and link local jobseekers with opportunities at Freeports through Jobcentre Plus.
- Investment promotion: Bring together government departments to discuss specific interventions where free ports face barriers to investment.
- Program delivery: creation of an independent advisory panel for Freeports, to increase business voice within the program.
The appeal of Freeports is increasingly evident and has already unlocked significant investments, including:
- £175m from Siemens Gamesa to expand its offshore wind blade manufacturing facility in the Humber.
- £150m from ScottishPower to develop a project with Hutchison Ports exploring the development and construction of a multi-hundred MW green hydrogen production facility at the Port of Felixstowe.
- £130 million from Associated British Ports at the Port of Southampton, for a coastal energy project and terminal operating system to support the automotive sector.
Some of the measures outlined in the Free Ports Delivery Roadmap also apply to Investment Zones, which are driving productivity and growth in areas that need leveling up.
Together, the free ports and investment zones are forming a network of economic hotspots across the country designed to stimulate private investment in high-potential locations, providing more high-priority jobs for local people and leveling up the economy.
The UK Government will work with the devolved administrations to agree how the 10-year deadline for claiming support at free ports in Scotland and Wales can be extended.
ENDS
Notes to editors:
Free port locations:
- England: East Midlands Freeport, Humber Freeport, Freeport East (Felixstowe & Harwich), Liverpool City Region Freeport, Plymouth and South Devon Freeport, Solent Freeport, Teesside Freeport, Thames Freeport
- Scotland: Firth of Forth (Edinburgh) and Inverness and Cromarty Firth (Highlands), (also known as Scottish Green Freeports)
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Wales – Celtic (Port Talbot and Milford Haven) and Anglesey
- Please visit here to view the Freeports Delivery Roadmap published by the Department of Levelling, Housing and Communities.
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Secretary of State for Levelling, Housing and Communities Michael Gove also published a written statement (available). here.
- To read more about Freeports, visit: www.gov.uk/guidance/freeports
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