Getting Southampton’s Investment Moving - Solent Freeport
The Solent Freeport has been announced as one of the first UK Freeports to be fully approved by the government. It will unlock billions of pounds worth of investment, create tens of thousands of new jobs and level up our important coastal communities.
What are Freeports?
Freeports are areas designated by the government where normal tax and customs rules are relaxed or do not apply.
Within the freeport area, businesses have to pay little or no tax on imported and exported goods – and there are often additional incentives to encourage economic activity. While located geographically within a country, they essentially exist outside its borders for tax and customs purposes.
What’s in it for Southampton?
- Being part of a Freeport will attract a lot of investment to Southampton. Analysis suggests it could act as a magnet for an estimated £1 billion of extra investment.
- It promises to create over 16,000 new jobs in the Solent area.
- It will support our innovative green industries, encouraging growth in the hydrogen economy, wind turbine manufacturing and ultra-low-sulphur diesel.
- It will secure continued investment in our port and related infrastructure.
Freeport launch at the Solent Summit
At the Solent Freeport launch on 8 June, investors and businesses were able to find out more about the opportunities available through the freeport and meet the partners involved. It was a great chance to understand the benefits the freeport will bring to the region through innovation, job creation and investment opportunities. Solent Freeport is expected to be up and running later on in the summer.
Watch our video below about the opportunities Solent Freeport could bring to Southampton and find out how to get involved.