Highland Council ‘marks a major milestone’ as it endorses Green Freeport final business case
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The business case for the Inverness and Cromarty Firth Green Freeport[2] has been endorsed by Highland which "marks a major milestone" in one of the most significant economic developments in the UK. The council is the regulatory agency that oversees the freeport and will also be responsible for the management of the GBP25 million seed capital from the UK government. It will also be involved in the collection of non-domestic rates, and the accounting, administration and reporting of these sums as well as aiming to invest GBP2 billion in schools, roads and housing on its own.
So getting its approval is a significant step on the way to delivering the tax benefits to potential investors who may wish to take advantage of billions in revenues expected to come from offshore wind. The formal designation and finalisation of the legal status of the Green Freeport tax sites came into effect on 8 April 2024 so the tax incentives are now live allowing businesses to benefit from them.[3] The recent announcements of the development of the Sumitomo Cable Factory at Nigg and the additional investment secured at the Ardersier Yard[4] are strong signs of the potential that the Green freeport can deliver.
Chief executive of Inverness and Cromarty Firth Green Freeport Calum Macpherson[5] said: "We are grateful for the continued support of The Highland Council.
"From the outset Inverness and Cromarty Firth Green Freeport has been a great example of the public and private sectors coming together for the long-term benefit of the Highlands and Scotland. "Our full business case will now be submitted to the Scottish and UK governments for further consideration." The chairman of the economy and infrastructure committee Councillor Ken Gowans welcomed the development as a major boost for the north, its residents and economy.
"The finalisation of the final business case marks a major milestone in the delivery of the Inverness and Cromarty Firth Green Freeport," he said. "Together with our GBP2 billion Highland Investment Plan, will bring transformative change through economic regeneration and sustainable growth in employment across the Highland region.
"With some 520 hectares of land for development, the proposals are estimated to deliver over GBP6.5 billion of investment over the next 25 years, enable 18,300 long-term jobs[6] to be created across the UK and provide Non Domestic Rates (NDR) revenues of GBP547m for additional investment in Highland. "This will significantly reverse population decline and attract new skills and innovation industries and there is already work underway to create career pathways and partnerships to develop the future workforce of the Highlands to meet current and future business demand, attracting public/private investment and best practice." The endorsement of the Final Business Case will be put to full Council for ratification at its meeting on 27 June.
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References
- ^ Click here to sign up to our free newsletters! (www.northern-times.co.uk)
- ^ the Inverness and Cromarty Firth Green Freeport (www.inverness-courier.co.uk)
- ^ tax incentives are now live allowing businesses to benefit from them. (www.inverness-courier.co.uk)
- ^ additional investment secured at the Ardersier Yard (www.inverness-courier.co.uk)
- ^ Chief executive of Inverness and Cromarty Firth Green Freeport Calum Macpherson (www.inverness-courier.co.uk)
- ^ 18,300 long-term jobs (www.inverness-courier.co.uk)
- ^ here (www.northern-times.co.uk)