A project that is expected to create 28,000 jobs in the East Midlands is receiving final approval from the Government. The East Midlands Freeport will receive up to £25 million in funding to encourage investment in industries including automotive and space at three sites, including the Ratcliffe-on-Soar Power Station.
A full business case for the East Midlands was first sent to the Government last April and it is officially being signed off on Thursday (March 30). Freeports are specified areas that have their own tax and regulatory rules to try and boost economic growth.
These special rules could include looser planning regulations, lower business rates and lower stamp duty. The East Midlands Freeport will be the seventh to become fully operational.
