Freeports backed in Autumn Budget

The Government has confirmed continued funding for the Freeports Programme across the UK in its Autumn 2024 Budget, while also announcing that it will work with partners to align the Programme with its policy priorities. The Chancellor also confirmed that tax sites will be designated in Celtic Freeport, and five new customs sites will shortly be designated across three of the existing Freeports.

The Freeports Programme will drive the government’s growth mission by promoting new investment in sectors that are vital to the national Industrial Strategy, creating good, highly skilled jobs in areas which have underperformed economically in the past. Freeports have already attracted £6.4 billion of investment, much of which has been in green energy sectors. This investment is expected to create more than 7,200 jobs*.

The five new Freeport customs sites, across Liverpool City Region, Inverness and Cromarty Firth, and Humber will enable businesses that trade internationally from them to take advantage of duty and customs administration benefits.

The Humber Freeport has also now become the eighth and final English Freeport to receive final government approval. As a result, the Freeport will gain access to £25m of seed capital funding; this will help it leverage in private investment, with a particular focus on renewable energy and advanced manufacturing, building on the £1bn attracted to date.

And tax sites are being designated in Celtic Freeport, meaning businesses will be able to claim relief on new economic activity. The Freeport is projected to leverage £8bn of investment and create an estimated 11,500 good, highly skilled jobs, supporting the region’s economic transition.

It was also confirmed in the budget statement that the government will continue to work with English regions and devolved governments to progress the remaining Freeports.

*Figures are a combination of Foreign Direct Investment projects which have landed in the UK published at https://www.gov.uk/government/statistics/dbt-inward-investment-results-2023-to-2024, public commitments from foreign companies for future investments, and public announcements from domestic businesses. Jobs and values have been provided by companies. The figures cover the period from December 2021 to October 2024 and are correct as of 31st October 2024.