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.
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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. The East Midlands Freeport, the only inland Freeport, is up and running and will bring high quality jobs, investment and trading opportunities for businesses in the region.
"This will help us deliver on our mission to grow the economy and level up right across the UK." The Ratcliffe-on-Soar Power Station site will focus on low-carbon energy and advanced manufacturing, becoming a zero-carbon and energy hub for the East Midlands.
The two other sites will be based at the East Midlands Airport and Gateway Industrial Cluster, as well as the East Midlands Intermodal Park. The first will focus on the East Midlands logistics market, whilst the second will look at developing a series of rail-connected business parks.
Steve Griffiths, the East Midlands Airport's Managing Director, 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." The Freeport announcement comes after the East Midlands was one of the areas selected to host new 'investment zones' which are similar to Freeports, but the latter benefit from even looser regulation and duties.
World-leading space research centre Space Park Leicester (SPL) is expected to become a customs site operator for EMF, significantly bolstering the freeport’s focus on driving innovation and skills.
Space Park Leicester is a unique single-site science and innovation park dedicated to – and specifically designed for – space-related companies and researchers, covering enterprise, innovation and teaching. Since opening in Spring 2022, Space Park Leicester has generated an estimated £89m for the economy in its first year of operation, supported 607 jobs and landed five major Foreign Direct Investments. A strategically placed space sector cluster with a national and international focus, it is forecast to contribute £750 million a year to the UK space sector over the next decade.
EMF Chair, Nora Senior CBE, said: “Space Park Leicester is a trailblazing collaboration which is leading pioneering research and I’m delighted it’s on board with EMF. SPL has become the latest organisation to join an innovative, inland freeport designed to boost jobs and power the region’s economy. Securing a customs site operator was the final piece of the jigsaw for the freeport and means that EMF can now officially open for business and become fully operational.
“EMF is focused on green tech and innovation and teaming up with the space sector will only attract more businesses to make the freeport their home.”
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