Government announces measures to boost Freeports
The UK government has announced new Freeport measures (Image credit: Pixabay)
A series of measures have been announced by the government to boost trade and investment in the UK's Freeports.
Following their introduction in 2021, the government said Freeports had attracted almost £3bn of investment, which could support the creation of more than 6,000 jobs.
A Freeports Delivery Roadmap has now been announced, laying out an action plan of more than 50 cross-government measures.
Measures include a £150m Investment Opportunities Fund to help Freeports and Investment Zones respond quickly to land large investment opportunities as they arise, and extending the window to claim special tax reliefs in English Freeport sites from five years to ten.
Minister for levelling up Jacob Young said: "We are already seeing the vast and undeniable opportunities that Freeports are bringing, having brought in almost £3bn of investment, which will create thousands of long-term jobs in sectors of the future.
"Our action plan in the Freeports Delivery Roadmap will maximise the potential of these communities to become centres of innovation and investment, with clear delivery timeframes to ensure rapid progress.
"Our goal is to improve lives for local people in areas historically overlooked and Freeports are helping us achieve that."
UK Freeport 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)
Wales – Celtic (Port Talbot and Milford Haven) and Anglesey
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