Freeport plans to create 26k jobs

A proposed freeport in the East Midlands would deliver a boost of £8.4 billion to the region’s economy and create an estimated 25,789 direct jobs, backers say.

The economic boost is expected across 25 years as a result of the plans. It is estimated a further 30,000 indirect jobs would be created as a result of the project, improving supply chains and energising the region’s economy.

The East Midlands Freeport Board has just submitted its outline business case to the government, detailing what two Nottinghamshire MPs described as an “extremely ambitious package”.

A freeport is a low or zero-tax area, allowing businesses to import and export while avoiding tariffs and reducing red tape. The idea was created by the government to strengthen regional economies and has been backed by both Conservative and Labour MPs.

The board includes council representatives from across the region as well as universities and Local Enterprise Partnerships.

Based across three sites in Leicestershire, Derbyshire and Nottinghamshire, the project is designed to create tens of thousands of jobs in industries such as manufacturing, construction, distribution, logistics, transport and clean energy.

More than £2 billion will be invested into the region initially, as part of the public-private sector partnerships, supporting the development of three anchor sites at East Midlands Airport, in North West Leicestershire, Ratcliffe-on-Soar power station and near Derbyshire’s Toyota Island.

The sites are expected to become operational by March next year.