Liverpool’s freeport could be operational by the autumn after a full business case was submitted to the Government.
Liverpool City Region Combined Authority (LCRCA) confirmed this afternoon that it is now awaiting feedback from Whitehall to its proposals to become one of seven freeport sites in England. Freeports are special economic zones with different rules to make it easier and cheaper to do business - and designated zones where the normal tax and tariff rules of the country do not apply.
It is thought around £850m could be added to the local economy through the new freeport. Should the business case be approved, £25m of funding will be awarded with a report to the LCRCA heard this afternoon detailing that work could begin from the autumn.
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The Liverpool City Region freeport will be a 45km area with a range of economic incentives available covering customs, business rates, planning, regeneration, innovation and trade and investment support. John Fogarty, Executive Director of Corporate Services, said the potential benefits were significant and plays into the region’s strategic location facing westward to North America.
He said there was already significant national and international interest in the city region as a result of the involvement in a freeport bid. Mr Fogarty added that securing the business case was necessary to protect jobs and industry already in the region, as well as attracting inward investment.
Asif Hamid, chair of Liverpool Local Enterprise Partnership and portfolio holder for business support, said the freeport would “provide a unique opportunity to enhance the excellent value proposition we’ve got in the city region.” He added: “We must use this as an opportunity to get out there and attract high value jobs, which is really important, this is not just manufacturing, this is enhancing our proposition to the world.”
The port of Liverpool had previously operated as a freeport until 2012, when freeports were abolished by the Conservative/Lib Dem coalition government. Tom O’Brien, chair of the freeport, said he was “absolutely committed” to creating good jobs and roles that can be “directly linked to our residents across the six local authorities.”
He added: “This is our freeport and we can fashion it so it meets the needs of all six local authorities and make it a success for everyone. “That’s our challenge and I think we can meet it.”
Not all members were on board with the freeport plans however, as Cllr Ian Maher, leader of Sefton Council, expressed his concerns. He said he was disappointed by the lack of a traffic impact assessment around Seaforth Docks and health issues needed to be considered. Cllr Maher formally objected to the freeport plans being acknowledged by the LCRCA.
