East Midlands Freeport gets formal go-ahead to create 61,000 jobs

The East Midlands Freeport has secured formal Government approval for its plans to offer businesses locating in the Freeport special incentives.

The UK’s only inland freeport could create over 61,000 jobs for the East Midlands and an extra £8.9bn for the local economy over the next 30 years.

The green light means that from March 22, eligible companies investing in designated areas within the Freeport’s boundary will be able to access a range of benefits offered through the Government’s Freeport policy. These areas, known as “tax sites”, cover the Freeport’s three main locations at East Midlands Airport and Gateway Industrial Cluster (‘EMAGIC’), East Midlands Intermodal Park (‘EMIP’) and the Ratcliffe-on-Soar Power Station Redevelopment Site.

The special incentives will be offered to companies whose development plans support the Freeport’s main objectives, including promoting growth in advanced manufacturing and logistics, and turbocharging the drive towards Net Zero.

Penny Coates, chair of the East Midlands Freeport Board, said: “The Government’s approval for our tax sites means that the East Midlands Freeport now offers a total of 533ha of prime, strategic development land where companies can not only benefit from a fantastic location with fantastic global transport links; they can also benefit from a comprehensive package of special incentives that make our Freeport one of the best places to invest in the UK. That’s why today’s announcement is the moment when we can really start to turn our ambitions for the Freeport into reality, delivering well-paid green jobs for communities, supporting levelling-up and helping achieve a Net Zero economy.”

Clare James, East Midlands Airport’s managing director, said: “We look forward to continuing our work with public and private sector partners to make a success of the UK’s only inland Freeport, and to playing our role in the future prosperity of the East Midlands. By building on the strengths of the region’s leading sectors including advanced manufacturing, logistics and R&D, the Freeport is well-placed to drive future investment and economic growth which will create new and diverse jobs for local people.”

Andrew Pilsworth, managing director, national logistics, SEGRO, said: “As a long-term investor in the Midlands, we believe warehouse infrastructure can contribute to wide socio-economic benefits, from creating sustainable employment opportunities and stimulating economic growth to enhancing infrastructure and enabling better consumer choice. We welcome the approval of the East Midlands Freeport as a way of accelerating the contribution SEGRO, our customers and partners can make to delivering these benefits as well as driving forward the levelling up agenda.”

East Midlands Chamber chief executive Scott Knowles said: “A year on from the exciting plans being unveiled for the East Midlands freeport, today’s confirmation is a huge moment for the region – which can now look forward to a huge economic boost in the decades ahead. Following the end of all Covid-19 restrictions in February, this is another big boost for business confidence.”