Freeport designation in Budget will create jobs and prosperity

16:16, Wednesday, 27th October 2021

The leader of North Lincolnshire Council has welcomed a Budget announcement confirming two sites across the area can begin operating under new freeport rules as soon as next month.

In the Spring Budget, the government announced eight Freeports in eight regions, designed to encourage businesses from around the world to create new hubs of global trade, transforming economic prospects and job opportunities for local communities.

Cllr Rob Waltham, leader, North Lincolnshire Council, is co-chair of the steerco which submitted the bid and chair of the Humber Leader’s Board.

He said: “This is further fantastic news from Government which is backing the plans we have for growth and development – this confirmation will help businesses drive investment and will see jobs created and prosperity increased.

“The development of the freeport will help create thousands of well-paid, sustainable jobs.

“This is just one of a whole host of measures, announced by the Chancellor, which are designed to support businesses to lead the recovery. We’ve seen economic growth has risen higher than expected and the forecast suggests we will be back at pre-pandemic levels much sooner than initially anticipated.”

Freeport designation mean the sites are considered special economic zones which come in three types – customs, tax and seed capital.

The first two are designed to attract new businesses and encourage existing companies to invest in equipment, machinery and people by giving them a competitive edge over rivals across the world by slashing tariffs.

The seed capital sites will allow for business rates on new developments to be pooled locally and used to further invest in roads and infrastructure.

The Able Marine Energy Park – the last deep water port on the river – has been designated as a ‘tax site’ along with the Hull East Cluster and Goole J36 industrial area.

Photograph shows an artist impression of ABLE Marine Energy Park, David Lee Photography.