Leader welcomes opportunity for potential 21,000 jobs in borough on the back of Freeport

THAMES Freeport is a “once in a generation opportunity” that could boost Thurrock’s economy, attracting GBP4.6 billion of investment, says the leader of Thurrock Council. Giving a progress report at a recent council cabinet meeting, Cllr John Kent said the freeport, which was given Government approval in March 2023, could be transformational for the borough. Cllr Kent said: “The Freeport is a fantastic opportunity for Thurrock.

If successful as we hope it is, it will create jobs in growing sectors of our economy, it will lever investment to improve our infrastructure and strengthen our position as the gateway to markets in London and across the south east. “It is estimated that the Thames Freeport has the potential over the medium term to attract GBP4.6 billion of new investment, to contribute over GBP5 billion to the UK economy and to create many thousands of new jobs. There will be fantastic opportunities for local people to have careers in cutting edge industries.”

It is expected the freeport, which gives tax incentives to companies based there, will create 21,000 new jobs, attract GBP4.6 billion of new public and private sector investment and develop 1,700 acres of land. Cllr Kent added: “This is one of those once-in-a-generation opportunity. If we get this right this will be transformational for Thurrock.

We can’t let it slip. We have to keep on working on this to make sure we deliver.” DP World, a partner in the Freeport, plans a GBP1 billion expansion of its London Gateway port. This was confirmed this week[1] following fears it could be put at risk after Transport Secretary Louise Haigh criticised P&O Ferries, which is part of DP World, for its treatment of staff.

Cllr Kent said: “This investment is welcome news for Thurrock and is a huge vote of confidence in our Labour government’s approach for delivering economic growth. It will play a critical role in the development of Thames Freeport, which is set to create thousands of jobs locally and contribute GBP5.1 billion to the UK economy a year.” Thurrock Council is the ‘Accountable Body’ for the freeport, responsible for oversight of public funding and for good governance.

The cash-strapped council will benefit from being able to retain a proportion of business rates from companies based at the freeport site.

During 2024/25 the freeport project will see legal agreements signed, further development of tax sites with new investors sand the first full business cases for seed capital projects approved.

References

1. ^ This was confirmed this week (thurrock.nub.news)