The approval of the full business case for Plymouth and South Devon Freeport, announced by the Government today, will enable new jobs, new businesses, thousands of jobs and millions of pounds of investment.
Plymouth and South Devon Freeport are the first of eight Freeports to be given a full green light, along with two others. This approval unlocks millions of pounds of grant seed funding and makes it available for eligible companies to join Freeport status.
Freeport does the following:
- Make new employment sites available for purchase at three sites: South Yard, Langage, and Sherford
- Accelerate the formation of advanced manufacturing clusters in the marine, defense and space sectors with low-carbon applications at the forefront
- Leveraging £250m of private sector investment
- Secure an initial capital grant of £25m from the government for essential infrastructure
- Includes £29m investment from local councils
- Support Oceansgate’s new £30m innovation center
- Offers major expansion plans for Princess Yachts
- Over 3,500 Jobs Offered
Freeport is a dynamic public-private partnership with Plymouth City Council, South Ham District Council and Devon County Council, with a wide range of stakeholders including Babcock, Princess Yachts, Carlton Power, Sherford Consortium, University of Plymouth, University of Exeter and University of Plymouth. We are cooperating. Port operators, skill providers and the Heart of the South West LEP ensure your success.
Leveraging the region’s key strengths in maritime, defense and advanced manufacturing, and supporting the burgeoning space sector, Plymouth and South Devon Freeport will allow innovators and investors around the world to test cutting-edge technologies and products. , try it out, and make it ready for market. Working with the Department of International Trade, a dedicated team of experts introduces Freeport to global investors and companies that meet the criteria for expansion or relocation to the region.
Firms that are part of Freeport will receive reduced business tax rates, reduced national insurance rates for employers, reduced stamp duty land taxes, and capital allowances to support growth, innovation and investment in the Southwest. , VAT and tariff incentives, and simplified import procedures.
Approval allows interested companies to take the first step with the Freeport team, landowners and partners to contract, design and plan a location within Freeport and discuss the myriad benefits this will bring.
And Freeport continues to receive good news as the government confirms that the Language site is now designated. The South Yard and Shefford sites were designated for the summer.
Freeport’s status allows associated councils and landowners to bring key locations in South Yard, Shefford and Language into prime employment locations that attract new business, providing thousands of jobs. These three sites are underutilized and underdeveloped as part of a joint local plan for Plymouth and South West Devon. It was previously identified as having
Carlton Power, owner of Langage Energy Park, recently received planning permission to build a 10MW green hydrogen electrolyser, ensuring Langage will become the first hydrogen production hub of its kind for Devon and Cornwall. Did. The Langage Green Hydrogen Hub is a key facility for Freeport and will also help achieve net-zero targets across Freeport’s operations. Innovators are lining up to use this supply of hydrogen fuel to prototype and test future engines for vehicles and ships. It is expected that these new solutions will be manufactured in Freeport.
Level Up Minister Dehena Davison said:
“Freeport will shape the economic destiny of Plymouth and South Devon with investments worth up to £100 million across the region.
“We will make the most of Brexit opportunities to drive growth and open our doors to the world.”
Plymouth City Council Leader Richard Bingley said: It has put the region on the map for foreign investment and attracts companies to relocate here. This is a big deal for this city and the wider region and I’m really excited about the opportunities it will bring to our residents and our businesses. “
South Hams District Council Leader Judy Pearce said: It is a catalyst for new jobs, clean growth and opportunities to decarbonize local transport, all of which the South Ham District Council aims through its corporate strategy, ‘A Better Life’. “
Devon County Council Leader John Hart said: It enhances the county’s reputation in the marine, defense and space sectors, attracts inward investment, creates local jobs and benefits local businesses, all of which drive economic growth and recovery. “
Babcock CEO David Lockwood said: As a leading employer in the region, we actively support this business case, which is consistent with our long-term commitment to the region. “
“Freeport offers significant opportunities and job potential to the South West of England. We are delighted to be a part of this by providing
A nationwide recruitment campaign to find a permanent team is currently underway. A Freeport website and social media channels have also been launched to provide regular updates, news and developments about the project.