Solent Freeport is now up and running after receiving final government sign off today (Wednesday), in a huge boost to local communities.
Solent Freeport has officially received its final sign off from the UK government, enabling it to receive up to £25 million in seed funding.
Expected to generate nearly £2 billion investment
The new freeport is expected to create approximately 30,000 jobs and generate nearly £2 billion in investment for the Solent area.
Levelling Up Minister Dehenna Davison said,
“Today is a historic day for many port towns and coastal communities, as the Solent Freeport takes flight. This Freeport is going to give local economies a shot in the arm and unlock a new state of the art business space and create tens of thousands of highly skilled jobs.”
Johnson: A once-in-a-generation opportunity
Brian Johnson, Chair of the Solent Freeport, added,
“The Solent Freeport really is a once-in-a-generation opportunity – an investment in our future which will ensure local people benefit from job creation and increased prosperity, regenerating our communities.”
The Solent Freeport is expected to attract £1.35 billion in private sector investment and generate an additional £1.75 billion GVA for the UK as a whole.
It will focus on growth sectors such as decarbonisation and green innovation, and will benefit from the Solent’s excellent connectivity to European and global markets.
The remaining five English Freeports are expected to receive their final approvals in the coming weeks, enabling them to unlock significant investment and create jobs across the country.
Image: Annie Spratt under CC BY 2.0
