What is a Freeport?

What is a Freeport?

Freeports are an important part of the UK’s post-Covid economic recovery, and the Solent Freeport will unlock billions of pounds’ worth of investment, create tens of thousands of new jobs and level up our important coastal communities.

Freeports are areas designated by the government that will benefit from incentives to encourage economic activity. Freeports operate with both ‘tax’ and ‘customs’ sites. Tax sites offer occupiers business rates relief and other incentives to support capital investment, skills and employment. Business rates growth generated at the tax sites can be retained locally and reinvested in the area. Customs sites help enable the tariff-free movement of goods for both export and import through simplified customs procedures.

net zero

Net Zero Carbon / Green

investment

Investment

Building on existing strengths in environmental innovation, the Solent Freeport will support national and local ambitions for net zero by growing capacity for sustainable energy production, improving efficiencies to raise productivity, and investing in environmental mitigation to the impacts of climate change on our communities. A dedicated Solent Freeport Green Growth Institute (SFGGI) will provide a centre of excellence in green skills and jobs to ensure local communities can benefit from the opportunities created through environmental innovation and help the Solent support the wider UK objective to achieve Net Zero.

innovation

Innovation

regenaration

Regeneration

global hub

Global Hub

environment

Environment

Building on existing strengths in environmental innovation, the Solent Freeport will support national and local ambitions for net zero by growing capacity for sustainable energy production, improving efficiencies to raise productivity, and investing in environmental mitigation to the impacts of climate change on our communities. A dedicated Solent Freeport Green Growth Institute (SFGGI) will provide a centre of excellence in green skills and jobs to ensure local communities can benefit from the opportunities created through environmental innovation and help the Solent support the wider UK objective to achieve Net Zero.