Thursday 22 February 2024
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East Midlands Freeport secures go-ahead to deliver new incentives for business growth

The East Midlands Freeport has today (Tuesday 1 March) secured formal Government approval for its plans to offer businesses locating in the Freeport special incentives.

The UK’s only inland freeport is set to deliver over 61,000 jobs for the East Midlands and an extra £8.9bn for the local economy over the next 30 years.

The greenlight means that from 22nd March 2022, 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, known as ‘tax sites’, cover the Freeport’s three main locations at East Midlands Airport and Gateway Industrial Cluster (‘EMAGIC’), East Midlands Intermodal Park (‘EMIP’) and the Ratcliffe-on-Soar Power Station Redevelopment Site.

The special incentives will be offered to companies whose development plans support the Freeport’s main objectives, including promoting growth in advanced manufacturing and logistics, and turbocharging the drive towards Net Zero.

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 READ MORE: East Midlands Freeport plans to create almost 26,000 direct jobs and boost region by £8.4bn

By building on the Freeport’s other unique advantages as the nation’s only inland Freeport with unparalleled global transport links, these benefits will help attract and accelerate new high value, low carbon investment that promises to create thousands of skilled green jobs.

By creating much-needed jobs and boosting the economy, the Freeport is set to benefit communities across the East Midlands and make a critical contribution to the Government’s levelling-up agenda. It is one of eight Freeports being established across England.

Hailing a pivotal moment in the development of the Freeport, Penny Coates, Chair of the East Midlands Freeport Board, said:

“The Government’s approval for our tax sites means that the East Midlands Freeport now offers a total of 533ha of prime, strategic development land where companies can not only benefit from a fantastic location with fantastic global transport links; they can also benefit from a comprehensive package of special incentives that make our Freeport one of the best places to invest in the UK.

“That’s why today’s announcement is the moment when we can really start to turn our ambitions for the Freeport into reality, delivering well-paid green jobs for communities, supporting levelling-up and helping achieve a Net Zero economy.”

Power Station site in Rushcliffe could become gigafactory with hotel, shops and food outlets

Clare James, East Midlands Airport’s Managing Director, said: “We look forward to continuing our work with public and private sector partners to make a success of the UK’s only inland Freeport, and to playing our role in the future prosperity of the East Midlands.

“By building on the strengths of the region’s leading sectors including advanced manufacturing, logistics and R&D, the Freeport is well-placed to drive future investment and economic growth which will create new and diverse jobs for local people.”

Dave Johnson, Site Manager for Uniper, said: “Uniper welcomes the Government’s statement confirming Tax Site designation for the EMF. As landowner of the Ratcliffe-on-Soar power station site, Uniper continues to work with regional stakeholders to progress plans for the redevelopment of the site into a zero carbon technology and energy hub for the East Midlands, with the potential to create employment opportunities based around modern industrial and manufacturing uses.

“The benefits associated with the designation of Ratcliffe as a Tax Site within the freeport will significantly enhance its attractiveness as a location for new businesses; boosting future employment and growth opportunities”

A free webinar event to provide an update on the Freeport and more information regarding the benefits that the Freeport offers for communities and businesses will take place on 22nd March.

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