LEP led Freeport bid gets green light from Chancellor
The LEP led East Midlands bid for Freeport status is among eight successful proposals that were given the go ahead by the Chancellor in today's Budget.
The Chancellor announced that the East Midlands will be one of eight new Freeports in England, creating an estimated 60,000 new skilled jobs for the East Midlands region alone.
The East Midlands Freeport bid was submitted last month by a consortium led by the Local Enterprise Partnerships representing Leicester, Leicestershire, Derby, Derbyshire, Nottingham and Nottinghamshire. It included private sector businesses and local authorities, with support from universities, business groups, local MP's and the proposed East Midlands Development Corporation.
Based around the East Midlands Airport and Gateway Industrial Cluster (EMAGIC) in North West Leicestershire, Unipers Ratcliffe-on-Soar power station site in Rushcliffe in Nottinghamshire and the East Midlands Intermodal Park (EMIP) in South Derbyshire, the Freeport will bring significant investment to develop and drive innovation, alternative energy sources and green technology supporting SME's and large regional employers, including Rolls-Royce, Toyota, and Alstom (formerly Bombardier).
The eight successful Freeport bids are:
- East Midlands Airport
- Felixstowe & Harwich
- Liverpool City Region
- Plymouth and South Devon
These Freeports will begin operations from late 2021. The Freeports will contain areas where businesses will benefit from more generous tax reliefs, customs benefits and wider government support, bringing investment, trade and jobs to
regenerate regions across the country that need it most.