Cattewater Harbour Commissioners welcome the Chancellor’s announcement from yesterday’s Budget that Plymouth will be recognised as a Freeport, one of eight areas across England and the only one in the South West.
CEO of Cattewater Harbour Commissioners, Captain Richard Allan says:
“Yesterday’s news was a surprise but welcome announcement from The Chancellor. The Commissioners, along with key industry partners from the ports industry here in the city, supported and assisted Plymouth City Council with the bid submission.
We await the exact details of the model but we look forward to working with the City Council to ensure the Cattewater Harbour continues to be of key importance within the Freeport designated area by supporting import and export trade delivered by sea into the region, and expanding on the already well established innovation existing within the Port.”
The Plymouth and South Devon bid was based on three strategic pillars – marine and defence innovation, manufacturing and light processing, warehousing and staged imports. Specific tax and relief benefits and special allowances will be made available to companies based within the Freeport area to encourage investment.
Further details of the Freeport model will be announced over the coming days. It is hoped that the Plymouth and South Devon Freeport will begin operation from early 2022.