First eight freeports to lead regional regeneration drive

Aaron Morby 3 years ago
Share

Chancellor Rishi Sunak has unveiled the UK’s first freeport areas as part of his push to drive investment-led regeneration in the regions.

Teesside freeport alone could create18,000 jobs over the next five years and increase inward investment by £1.4bn.
Teesside freeport alone could create18,000 jobs over the next five years and increase inward investment by £1.4bn.

New freeport hub plans can now move forward at East Midlands Airport, Felixstowe and Harwich, Humber, Liverpool City Region, Plymouth, Solent, Thames and Teesside.

The free trade zones are designated areas where the normal tax and tariff rules do not apply. This allows goods to be imported, manufactured and re-exported without being subject to checks, paperwork, or import taxes.

The wide package of tax reliefs also apply to purchasing land, constructing or renovating buildings, investing in new plant and machinery assets and on employer national insurance contributions.

Streamlined planning processes and government funding will also boost redevelopment and promote regeneration and innovation.

Sunak said the move would stimulate construction and transport links bringing big regional benefits.

He also announced £1bn for 45 New Town deals and committed to move part of the Treasury to a new campus in Darlington.

New Town deals


The Government also confirmed £135m to progress the A66 Trans-Pennine upgrade to get spades in the ground by 2024.

Regional spending pledges

To support Government’s Build Back Better plans across the country, Leeds will become home to the UK’s first infrastructure investment bank.

The bank will have £12bn to release, mainly to provide local authorities with access to efficient finance for high-value and complex economic infrastructure projects.

Sunak said: “The bank will invest across the UK in public and private projects to finance the green industrial revolution.

“Beginning this Spring, it will have an initial capitalisation of £12bn and we expect it to support at least £40bn of total investment in infrasturcture.”

The new infrastructure bank was recommended by John Armitt, the head of the National Infrastructure Commission — an arms-length government body — who said it should start with an asset base of £20bn.

Paul Hamer, CEO of Sir Robert McAlpine, said: “A National Infrastructure Bank, with an initial capitalisation of £12bn to invest in an array of public and private projects, is very good news indeed for construction and the country as a whole.

“It’s clear that government have an intent for ‘Build Back Better’ to be much more than a slogan and to make good on the commitments they made last summer.

“What’s more, in locating the Bank in Leeds, the Government has sent a powerful message that it appreciates the need to level up areas outside of London.”

Latest news

McAlpine signs £500m Broadgate dual towers deal

Work to start on iconic 36-storey and 21-storey towers
16 hours ago

Worker rescued from collapsed four metre deep trench

Fire crews take six hours to save trapped builder near Blackwall Tunnel
20 hours ago

Gove puts another major building scheme on hold

Secretary of State starts another planning fight after M&S defeat
2 days ago

Greenwich University tenders £300m framework

Up to five firms will carry out upgrade and newbuild work at three campuses
21 hours ago

Work starts on Manchester 26-storey Obsidian tower

Contractor Domis starts Salboy's 10th Manchester scheme in seven years
19 hours ago

Race for £1.3bn West Midlands social homes framework

The Community Housing Group reboots tender race for new build housing
19 hours ago

Delancey submits £400m King’s Cross lab plans

200,000 sq ft lab/office project will be built above railway and tube tunnels just 4.5m below
1 day ago

Winners revealed for £150m fire safety framework

New deal will help organisations comply with the Building Safety Act
20 hours ago

Sellar plans £500m City tower next to Walkie-Talkie

Consultation starts on London 60 Gracechurch Street tower
2 days ago

Severfield ends year on high with record order book

Orders top £500m with strong future pipeline of opportunities ahead
2 days ago

Second senior director exits National Highways

Commercial director Malcolm Dare set to move on to new role
2 days ago

New scheme fuels London lab building boom

Plans in for 160,000 sq ft Whitechapel scheme near Royal London hospital
2 days ago

Contract race starts for next £155m section of A9 dualling

Prior Information Notice published for Tay Crossing to Ballinluig stretch
3 days ago

£55m Sheffield build-to-rent scheme approved

Demolition to start later this year for 158-flat Sheffield Garden project
2 days ago

London back as most expensive place to build in world

Capital leapfrogs Geneva to top costliest construction rankings
3 days ago

Gas supplier Regent to buy TClarke for £90m

£491m turnover listed building services specialist to be sold
3 days ago

Steel contractor Billington launches into bridge market

Steelwork firm hires staff from failed architectural and bridge specialist SH Structures
3 days ago

McGee employees benefit from rise in profits

Pre-tax profit doubles boosting payouts for Employee Ownership Trust
3 days ago

Lendlease veteran is latest new McAlpine director

Paul Sims joins as Operations Director after 40 years at rival contractor
4 days ago

Costain signs site labour supply deal with four firms

Contractor to use only a quartet of providers for temporary labour supply
3 days ago

BAM go-ahead for Leeds 200,000 sq ft office

Latitude Yellow will complete final plot at Doncaster Monk Bridge site
3 days ago

VolkerFitzpatrick wins £30m logistics job

Latest deal to build five distribution units for Prologis UK
4 days ago

Trio win new Scape utilities consultancy framework

Perfect Circle, AtkinsRéalis and Arcadis win places on
3 days ago

Precast firm FP McCann cleared after immigration raid

Home Office takes no action after public raid on construction site
4 days ago

Wates-owned SES restructure delivers record profit and revenue

Building services contractor revenue soars to almost £300m
4 days ago

25 groundworks firms win £100m Places for People deal

M&J Evans, Carmac and Churngold Construction feature in housing association's line-up
4 days ago

Energy efficiency firms angry at lack of CITB support

SME contractors funding bid "does not meet the current criteria for supporting productivity or EDI"
4 days ago

£400m South Cambridge science park approved

Outline approval allows former sewage treatment works to be demolished
4 days ago

McLaren gets green light for 45-storey Leeds tower

Landmark Wellington Square scheme will see 464 flats built with 360,000 sq ft of offices
7 days ago

Heavy rain causes 1.9% construction output fall

Hopes remain undampened of a resi-led recovery this summer
7 days ago

Contractor services