Outline Business Case Submitted for Anglesey Freeport
Stena Line and the Isle of Anglesey County Council (IACC) have announced the submission of the Outline Business Case (OBC) for Anglesey Freeport, a transformative project poised to stimulate economic growth and create numerous job opportunities across Anglesey and North Wales.
The submission of the Outline Business Case follows Anglesey’s successful bid for freeport status – with the First Minister of Wales Mark Drakeford and Prime Minister Rishi Sunak visiting the Port of Holyhead earlier this year to announce that Anglesey would become one of the first freeports in Wales.
The OBC, submitted to both the UK and Welsh Governments, contains extensive details of how Anglesey Freeport plans to operate, as well as defining the specified tax and initial customs locations which will lie within the Freeport boundary.
Over the past months, dedicated teams within IACC and Stena Line have worked under guidance supplied by Welsh Government to craft Anglesey Freeport’s OBC, going at lengths to ensure the proposals best serve the communities of North Wales and create a competitive operating environment for the future.
The submission of the OBC to both governments marks the next phase in bringing forward the project’s development. Both governments will now begin the process of reviewing the OBC, providing detailed assessments of the current proposals, following which Stena Line and IACC will submit their Full Business Case (FBC). Approval of the FBC will release £26m of Government funding, and will be managed by IACC in its role as the accountable body for the project.
The proposals within the OBC build on the two core defining missions of Anglesey Freeport:
- Increasing the volume of trade through the Port of Holyhead (Britian’s second largest roll on/roll off port) and revitalising the “GB Landbridge” – connecting the island of Ireland to mainland Europe; and
- Attracting regional, national and global investment into the Freeport’s key tax and custom sites, in particular from the low carbon energy sector, aligning with the existing Energy Island Programme.
Submission of Anglesey Freeport’s OBC comes just weeks after Chancellor Jeremy Hunt announced in his Autumn Statement that freeport tax reliefs would be extended in England. The UK Government has pledged to work with the devolved administrations to bring forward similar extensions for Welsh and Scottish freeports, bolstering Anglesey’s ability to attract new investment opportunities and boost North Wales’ international competitiveness.
This week’s development marks another step towards a brighter future for Anglesey. Just last month, Stena Line submitted a notice to demolish the derelict buildings currently located on one of the Freeport’s primary locations – Prosperity Parc – in a move that will prepare the site for future investment.
Ian Davies, Head of UK Port Authorities at Stena Line, said:
“The submission of the Outline Business Case marks a significant milestone in the Anglesey Freeport project. I’m immensely proud of the work Stena Line and IACC colleagues have dedicated over the past few months, working at pace to ensure the swift submission of our OBC and paving the way for a successful Freeport which will usher in a new wave of investment for Anglesey. I look forward to receiving the government’s feedback on our proposals and working closely with our local delivery partners to bring the Freeport to fruition.
Isle of Anglesey County Council Chief Executive, Dylan J. Williams, added:
“Our partnership with Stena Line has seen considerable time and effort invested in this vital project. I’m pleased that our joint submission is now with the Welsh and UK Governments. While we have already made good progress, we still have much work to do, and I look forward to working closely with stakeholders and local communities as we continue to build our plans. From the outset, we have been clear this is a project which first and foremost must work for the people of Anglesey – delivering opportunities for residents and boosting the prosperity of North Wales. I am proud of our progress to date, grateful of the strong political support received from the Council's elected members and look forward to delivering Anglesey Freeport.”