Business case for East Midlands 'freeport' to be submitted to Government

It comes as part of a Westminster plan to create several freeport sites in the UK, with the East Midlands invited to put forward a bid this year.

Freeports exist as low or zero-tax zones, supporting businesses to import and export while avoiding tariffs or barriers.

Supporters say it could boost economic growth within the East Midlands, improving the export potential for companies and the region’s connectivity to the rest of the UK and overseas.

But concerns have been raised over potential tax loopholes, as well as businesses relocating to freeport sites and “displacing” jobs from other communities.

The outline business plan, supported by various East Midlands organisations including councils, universities and local enterprise partnerships, will be submitted on September 10.

The full plan will then be submitted to the Government in November.

Nottinghamshire Council’s policy committee reviewed the outline document behind closed doors, with papers containing some ‘financially-sensitive information’.

But it was previously reported nearly 60,000 jobs could be created by the scheme, whilst helping to boost the East Midlands’ economy.

These jobs, councillors insisted on Thursday, would be new roles rather than moved in from other parts of the region.

‘Hotbed for innovation’

Three anchor sites have been outlined for the freeport project, including Ratcliffe-on-Soar power station.

This comes alongside freight infrastructure at East Midlands Airport and a new Gateway and Industrial Cluster, and the East Midlands Intermodal Park rail-connected business site, off the A50 and A38 in Derbyshire.

The scheme is indirectly linked to existing projects within the East Midlands, including the HS2 high-speed rail line.

Coun Ben Bradley, council leader, said: “The two [freeport and HS2] are loosely aligned, one would benefit the other, but they are not dependent on each other.”

It is hoped the overall freeport project will improve access to higher-skilled employment, boosting the region by upskilling the workforce, increasing productivity and creating a ‘hotbed’ for innovation.

Penny Coates, East Midlands Freeport Board chairman, said: “The East Midlands Freeport aims to create a national hub in the region for global trade and investment, promote regeneration and job creation and create a hotbed for innovation.”

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