The Solent Freeport was announced as 1 of the first UK Freeports to be fully approved by Government on Wednesday.
The Solent’s ambitious bid for Freeport status was 1 of 8 in England shortlisted by the Government in the Spring 2021 budget. As an important part of the UK’s economic recovery, freeports are areas that benefit from incentives to encourage economic activity.
Wednesday’s announcement follows the formal Government designation of the tax sites within the Solent Freeport, where investment is underway. Tax sites offer occupiers business rates relief and other incentives to support capital investment, skills and employment.
Business rate growth generated at the tax sites can be retained locally and reinvested in the area.
Brian Johnson, Chair of the Solent Freeport, said:
“This is the news we’ve been looking forward to and I’m grateful to our partners across the public and private sectors for their commitment and vision in bringing about a freeport for the Solent which will benefit our communities for generations to come.
“The Solent Freeport really is a once-in-a-generation opportunity – an investment in our future which will ensure local people benefit from job creation and increased prosperity, regenerating our communities.”
Levelling Up Minister Dehenna Davison said:
“Today is a historic day for many port towns and coastal communities, as the Solent Freeport takes flight.
“This Freeport is going to give local economies a shot in the arm and unlock a new state of the art business space and create tens of thousands of highly skilled jobs.
Designation of the Solent Freeport announced today will help accelerate and enhance investment already underway at key locations including:
- A package of investments at the ABP Port of Southampton to enhance operational efficiency and capacity including new warehouse and distribution units; additional container storage areas; new HGV driver welfare facilities; improved marine access as well as enhanced rail provision to support businesses right across the UK.
- New 500,000 sq. ft of business space at Navigator Quarter, adjacent to the runway at Southampton Airport, and part of a 75-acre site as part of the Solent Freeport. The project is being delivered by AGS Airports Ltd in partnership with blocwork, a Network Rail JV Company, and expected to be completed in 2024.
- Construction is underway to deliver 3 new Grade A specification buildings at Dunsbury Park, a 100-acre business park within the Solent Freeport already home to the global headquarters of several international companies. The new build units range from 19,000 sq ft – 33,000 sq ft. of industrial and manufacturing space and will be ready for occupation by summer 2023.
The Solent Freeport is a widely supported proposal which will transform Solent productivity, create more than 15,000 jobs in the Solent and a further 15,000 throughout the UK.
If anybody seriously thinks that a “Freeport” will bring all those jobs, they are in for a severe disappointment. As for “transforming productivity”, not a chance. All experience both here and abroad of freeports is negative; Teesside freeport is already mired in graft and corruption and it isn’t even built yet.
Whoopie for Southampton, if want better and more jobs on the Ilse of Wight, they need to build a TUNNEL, joining it to the mainland. Then more companies would think about coming here, employing here… probably get better doctors and maybe a new hospital, or at least could easily drive to mainland hospital, doctors and dentists. Over 140, 000 people here under dictatorship due to the ferries… NO FREEDOM OF TRAVEL..
Just a TAX dodge for the rich