Thames Freeport selects EY-Parthenon-led consortium for strategic masterplan and investment fund
A freeport near London has contracted a consortium led by EY-Parthenon to draw up blue prints for investment and regeneration near the nation's capital. Thames Freeport says it aims to support 350 apprenticeships by the end of 2025 as part of the plans. Situated in the Thames Estuary region, the Thames Freeport is a designated area in outer East London and Essex with special tax, customs and planning rules.
According to its proponents, the relaxation of corporate responsibilities in the area is intended to stimulate trade, innovation, and economic growth. Since its designation in 2021, the Freeport has already secured over GBP1.5 billion of private investment, while according to its own reports, the freeport maintains over 1,400 jobs. But as it looks to translate this into efforts which it says will "regenerate the region into a national centre for low-carbon industry, advanced logistics, and digital innovation", the Thames Freeport has turned to the consulting sector for support.
To that end, the freeport's leaders have appointed a consortium led by EY-Parthenon, and also comprising of Stantec, The Young Foundation and SimAnalytica. A release to announce the news said that this team would help to "deliver a comprehensive freeport-wide masterplan and Strategic Investment Fund Framework." Marcus Richards, a partner at EY-Parthenon[1], commented, "Thames Freeport represents one of Europe's largest development opportunities.
Our goal is to help structure its bold ambitions into an actionable, investable strategy - one that connects infrastructure, land, and businesses into a thriving economic ecosystem, underpinned by social value and sustainability." 
The masterplan overseen by EY-Parthenon will guide future development, with a focus on high-quality, accessible local jobs, expanded apprenticeship opportunities, improved transport and infrastructure, cleaner energy and sustainable growth for the region - while aiming to involve local communities in shaping the development.
Projects already underway to help deliver on those fronts include work to support more than 350 apprenticeships by the end of the year, the creation of a large rapid EV charging hub at the Port of Tilbury, and a new distribution system for Tesco, designed to cut transport emissions and create local jobs. Richards added, "My colleagues and I are excited to be working with Thames Freeport, local communities, investors and partners to help unlock long-term economic growth, embed social value, and deliver sustainable prosperity across Thurrock, Barking and Dagenham, Havering and wider London."
Freeports
First initiated under the Thatcher government of the 1980s, freeports in the UK are a series of government assigned special economic zones, where customs rules such as taxes do not apply until goods leave the specified zone. Goods imported into freeports do not incur usual import procedures on entry and re-exit, while import duties are not payable until the goods are put into free circulation or used within the free zone.
The theoretical purpose of such freeports is to encourage economic activity in the surrounding area and increase manufacturing. However, proposals for freeports have been heavily criticised over the years. Trade unions[2], opposition parties and anti-fraud campaigners point to the possibility for use as tax havens and smuggling, as well as a way to erode worker's rights, due to the potential for tailoring of local laws around business interests, and undercutting of conditions or pay. The UK currently has 74 deregulated special economic zones, plus 12 freeports initiated by prime ministers Rishi Sunak and Liz Truss.
Despite having previously called the idea a sign of "giving up[3]" and placing "blind faith" in the free market while in opposition, incumbent Prime Minister Keir Starmer has since signed off on[4] the implementation of the 12 latest freeports.
References
- ^ EY-Parthenon (www.consultancy.uk)
- ^ Trade unions (www.tuc.org.uk)
- ^ giving up (labour.org.uk)
- ^ signed off on (www.thecanary.co)