Humber Freeport Chairman welcomes Autumn Statement measures to accelerate freeports investment
THE most significant announcement related to freeports was a five-year extension to freeport tax breaks until 2031, thereby supporting large-scale investments driving economic growth, job creation and innovation. This announcement was made by HM Treasury in advance of the Autumn Statement.
Chancellor Jeremy Hunt also announced a new, £150m Investment Opportunity Fund for freeports and Investment Zone sites for investor-specific programmes.
Significantly for the Humber region, two devolution deals were also confirmed – for Hull and the East Riding, and Greater Lincolnshire.
Humber Freeport Chair Simon Bird: “We welcome announcements in the Autumn Statement which will accelerate investment in freeport locations. Uniquely, freeports benefit from business rates and national insurance payment holidays.
“Around £1bn of inward investment has already been secured in Humber Freeport tax sites and these positive changes can unlock billions of pounds of further investment in the Humber, creating thousands of skilled jobs.
“Alongside our partners and the region’s MPs, the Humber Freeport company lobbied Government for many of the measures that have been announced, to enable the scale of investment we envisage to be delivered in this region to be realised.
“The announcements will enable freeports to turbocharge investment in UK Plc, with the Humber at the forefront of the drive to decarbonise industry and deliver green growth.”