Businesses in Plymouth have welcomed formal approval of the city’s full freeport business plan, which they say could potentially unlock thousands of jobs and millions of pounds of investment.
On Wednesday the government gave the green light to the Plymouth and South Devon Freeport, creating a zone within which there will be certain allowances to boost the economy, including lower taxes and customs duties.
It is hoped more businesses will be attracted to the area to join the freeport in order to take advantage of the favourable trading taxes and tariffs.
