Thames Freeport “open for business” after winning Government backing
Hours after today’s Budget, Thames Freeport announced it is open for business and urges businesses to take advantage of the tax benefits of moving into the Freeport area.
Thames Freeport has been quick off the blocks and has announced that it is ready for business, just hours after the UK Chancellor, Rishi Sunak gave Thames Port its Freeport designation.
Linking Ford’s world-class Dagenham plant, the global ports at London Gateway and Tilbury, Thames Freeport has urged business to take advantage of its Freeport status which is part of the Government’s plan for “levelling up” around the UK.
Thames says the many benefits of its new status include:
- £5.1 billion additional GVA
- Over £4.5 billion in new public and private investment
- 25,000+ new jobs with many more across supply chains, with significant investment in training and skills
- 1,700 acres of development land – much with planning consent
- £400 million port investment into some of the most deprived areas
- 20% of the UK’s most deprived communities are in London and the South East
Stuart Wallace, Chief Operating Officer at Forth Ports (owner of the Port of Tilbury), said: “This is fantastic news and we are ready to hit the ground running. The Freeport builds upon the successful completion of our new port, Tilbury2 and provides the platform for further expansion. The Freeport policy’s special economic measures will turbocharge the best of the private sector, attracting value add manufacturing activity to the ports, the Thames Estuary and the wider South East…”.
