It has recently been announced that the Derbyshire region has received a major economic boost, after securing formal approval for the East Midlands Freeport.
This means that from the 22 March, eligible companies investing in designated areas within the freeport’s boundary will be able to access a range of benefits offered through the Government’s Freeport policy.
These areas, also known as ‘tax sites’, cover the Freeport’s three main locations at East Midlands Airport and Gateway Industrial Cluster, East Midlands Intermodal, and the Ratcliffe-on-Soar Power Station Redevelopment Site.
According to those behind the successful bid, the East Midlands Freeport, the UK’s only inland freeport, will provide over 61,000 jobs for the region and an extra £8.4 billion for the local economy over the next 30 years.
Mark Richardson, Partner at BB&J Commercial said, “The East Midlands has solidly established itself as a crucial logistical location, and this latest move helps underpin the contribution the Freeport hub can make to the region. It comes at a crucial time as the economy reshapes itself to meet the rapidly changing business and consumer landscape and puts us in a very advantageous position going forward.”
Special incentives will be presented to organisations whose development plans support the freeport’s main objectives, which includes promoting growth in advanced manufacturing and logistics, and encouraging the push towards Net Zero.
It is hoped that the freeport will attract and accelerate new high value, low carbon investments that could in turn create thousands of skilled green jobs.