Chamber welcomes potential economic impact of Freeport

East Midlands Chamber has welcomed details of the business case for an East Midlands Freeport, which shows it could support more than 25,000 jobs and boost the region’s economy by £8.4 billion over the next 25 years.

Earlier this year, Chancellor of the Exchequer Rishi Sunak gave his backing for the Freeport, along with seven others around the UK, at the spring budget.

Now, The East Midlands Freeport Board, which includes representatives of councils from across the region, plus universities and Local Enterprise Partnerships, has submitted its outline business case to government.

It said that as well as directly supporting over 25,000 jobs, a further 30,000 indirect jobs could come off the back of the project, helping to improve locally-based supply chains and energise the region’s economy.

Freeport sites would get streamlined planning rules, tax reliefs and business rates reliefs, and allow businesses to import and export while avoiding tariffs and reducing red tape.

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The region’s scheme would take in three sites: East Midlands Airport and the industrial sites around it; the Ratcliffe on Soar power station site, which is a due to be redeveloped after closing in 2025; and the 5.2 million sq ft East Midlands Intermodal Park, near the Toyota Motor Manufacturing UK plant in Derbyshire.

The intermodal park would have its own rail freight Interchange and could eventually provide space for up to 6,000 new jobs.

Scott Knowles, chief executive of East Midlands Chamber, said: “We are very excited to see these plans for the freeport, which illustrate the huge benefits it will bring to the East Midlands economy and the confidence it will give to businesses as we return towards normality.

“Our region already has fantastic national and international trading links – something highlighted during the pandemic – and freeport status means we can cement our role at the centre of Britain’s post-Brexit global trading relationship.

“We are in a unique position as the only inland freeport among the 10 designated zones, which is testament to East Midlands Airport’s reputation as the country’s most important mover of international freight and the catalyst for the explosive growth we’ve witnessed in our region’s logistics sector in recent years.

“This free trade zone, which will have a focus on innovation, low carbon and trade, signals the direction of travel for the East Midlands economy – giving investors something tangible to back in order to deliver the inward investment and jobs that will enable growth.

“For our workforce, it will provide much-needed new opportunities for high-skilled, well-paid and more productive jobs.”