THAMES Freeport has reached a milestone £600million worth of private sector investment in its first two years, creating 1,000 new jobs, it has revealed reports the Local Democracy Reporter.
UK Investment Minister Lord Johnson paid a visit to the Freeport last week, highlighting the extensive opportunities for businesses to locate at the site following its launch by the then Chancellor of the Exchequer Rishi Sunak MP in 2021.
The £600million of investment represents the funds committed by the freeport’s partners and tenants over the last two years to drive forward the levelling-up of the region. The 1,000 jobs are being created as a direct result, the first of a total 21,000 people who will be employed at the freeport.
The Freeport is providing a huge boost to the Thurrock and surrounding areas, with funding from business rates from the port expected to boost the cash-strapped council’s coffers by hundreds of thousands of pounds.
Martin Whiteley, Chief Executive at Thames Freeport, said: “Thames Freeport is a unique, once-in-a-generation opportunity to stimulate trade, drive innovation, support energy transition, and transform the lives of people in London and the boroughs to its east and we are delighted to receive this latest endorsement from the UK Government.
“With 18 million people on its doorstep, Thames Freeport is closer than any other enterprise zone to Europe’s largest and most economically important consumer market, with unrivalled global connectivity to 130 ports in over 65 countries.”
Me Whiteley added: “Thames Freeport offers outstanding financial incentives to businesses which locate there, potentially equivalent to 50 per cent of the investment. These include no stamp duty on land purchases, savings on employer national insurance contributions, a five-year business rates holiday and generous capital allowances on investment.
Lord Johnson, Minister of State in the Department for Business, said: “UK Freeports represents a generational shift in UK competitiveness, creating perfect places for businesses to innovate, collaborate and grow. It is fantastic to see Thames Freeport already realising their vision of a global hub for trade and investment into advanced manufacturing, clean technologies, and future
