The East Midlands Freeport has received final government signed off today, with the prospect of new jobs and investment..
The Freeport will now receive up to £25m seed funding from government and potentially hundreds of millions in locally retained business rates to drive growth in the UK’s advanced manufacturing, biomanufacturing, logistics, and low carbon industries, says the Government.
It will help encourage investment into sectors including automotive, space, and satellites sectors, generating thousands of jobs and boosting the local economy.
This is the seventh Freeport in England to become fully operational, with just one more expected to get final government sign off in due course. Four new Freeports have recently been named in Scotland and Wales.
The East Midlands Freeport is uniquely positioned as the only inland Freeport in England, with connections to major regional transport hubs, such as the East Midlands Airport.
Levelling Up Minister Dehenna Davison said: “The East Midlands has a thriving manufacturing sector and we want to capitalise on those strengths while also developing new green growth industries.”
Taking full advantage of the freedoms of leaving the EU, businesses in Freeports are offered generous tax incentives and a simplified customs procedure, unlocking much-needed investment and high-quality jobs.
East Midlands Airport MD Steve Griffiths said: “As the ‘port’ within the Freeport, we welcome today’s news. The Freeport will provide a focal point around which the public and private sectors can collaborate to shape the future economic success of this region. We look forward to working as part of the East Midlands Freeport to make the most of this opportunity and to build on our role as a key gateway for facilitating global trade.”
East Midlands Freeport estimates that it will generate over 28,000 new jobs and is already home to multinational companies, like Toyota Manufacturing UK, and East Midlands Airport – the UK’s busiest ‘pure’ cargo airport.
- The Ratcliffe-on-Soar Power Station site will focus on low-carbon energy and advanced manufacturing, and be redeveloped to become a zero-carbon technology and energy hub for the East Midlands, helping to meet the region’s decarbonisation goals.
- East Midlands Airport and Gateway Industrial Cluster (EMAGIC), home to the East Midlands Airport, will advance the nation-leading advanced logistics market in the East Midlands.
- East Midlands Intermodal Park (EMIP), located adjacent to the nationally significant Toyota manufacturing plant, has the potential to become the next generation of rail connected business parks. The proposed investment will also enable a significant modal shift, from road to rail freight, reducing carbon emissions for businesses within the region and increasing connectivity.
