Freeport announced for East Midlands Airport
It will be one of eight Freeports in the UK
Last updated 17th Mar 2021
The government say that a Freeport at East Midlands airport, announced in the chancellors budget, will "bring investment, trade and most importantly, jobs" to the region.
Rishi Sunak argues it will help boost manufacturing in areas that have lost their old economies, but some critics argue it does little to boost jobs.
In his budget statement, Mr. Sunak said Freeports are "special economic zones with different rules to make it easier and cheaper to do business''.
The Freeport means companies can import goods tariff-free and only pay once it is sold into the UK. They can also export the final goods without paying UK tariffs.
The local Freeport will be based at three locations: Around the East Midlands Airport and Gateway Industrial Cluster in North West Leicestershire, Uniper's Ratcliffe-on-Soar power station site in Rushcliffe in Nottinghamshire and the East Midlands Intermodal Park in South Derbyshire.
The bid for the Freeport was put together by a consortium led by the Local Enterprise Partnerships representing Derbyshire, Nottinghamshire and Leicestershire
Clare James, East Midlands Airport’s Managing Director, said: “I’m delighted that the Government has recognised enormous potential in the East Midlands and how it will be enhanced by a Freeport in the region. Today’s news will shine a spotlight on a part of the country which has so much to offer investors, existing businesses that wish to grow, and the supply chains that are linked to them.
“The global connectivity that East Midlands Airport brings to the bid is more important than ever as the UK looks to strike trade deals around the world. Furthermore, as the region’s international gateway for people and products, it will continue to play a significant role in the Government’s ambition for a ‘global Britain’.
Meanwhile the leader of Nottinghamshire County Council “This is great news for the region. Alongside the seaport at Immingham, which would help Lincolnshire and the wider Yorkshire and Humber region, this new Freeport will create jobs, skills and business across the East Midlands and attract investors from all over the world."
“Having this Freeport here in the heart of Britain will boost productivity and growth, and ultimately improve lives in the years ahead.”
Nick Rushton, Leader of Leicestershire County Council, also sang the praises of the project. “This is great news for the region. Alongside the seaport at Immingham, which would help Lincolnshire and the wider Yorkshire and Humber region, this new freeport will create jobs, skills and business across the East Midlands and attract investors from all over the world.
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