Plymouth and South Devon submit freeport business plan to Government
The outline business case for Plymouth and South Devon’s tax-break freeport has been submitted to the government with full report due in April 2022
Plymouth City Council, in partnership with South Hams District Council and Devon County Council, have now submitted the document to the Government following months of close working between public and private sectors to develop a business case that supports local, national and international businesses to leverage the benefits of being part of the region’s only Freezone.
The Plymouth and South Devon Freezone outline business case submission focuses on the city’s high value engineering and advanced manufacturing sectors and builds on Plymouth’s strengths in marine and defence specialisms and further develops opportunities in the space sector. It will be a regional hub for trade and investment, jobs and regeneration and be committed to clean growth.
A Freeport is a designated area within UK borders where different economic regulations apply. The Plymouth and South Devon Freezone satisfies HM Government criteria of being within a 45km radius of the port of Plymouth and as such includes three key sites at South Yard, Langage and Sherford.
The Government are keen to develop a highly ambitious, world leading Freeports model which will include a comprehensive package of measures, comprising tax reliefs, customs, business rates retention, planning, regeneration, innovation and trade and investment support. Plymouth and South Devon are just one of eight proposed Freeports currently in England and the only one in the South West region.
