Boost for construction sector with introduction of Freeports!
Mar 10, 2021
Under plans set out by the chancellor, some of the countries largest coastal ports are set to become freeports in the coming months, supporting economic recovery and growth across England. The new plans will provide great regeneration opportunities for deprived areas through the creation of job opportunities and support business with much-needed tax breaks and relief.
Within his 2021 Budget, the Chancellor noted that the reinstating of freeports should make it “easier and cheaper to do business”, something that will come as welcome news to businesses across the country after a particularly challenging year for many.
With zones including Hull, Liverpool, Felixstowe, Plymouth, Teeside, Southampton and London Gateway, counties across England are set to benefit from the new scheme. Regulations stipulate that each zone can be up to 40km in size, and businesses within the zones are set to benefit from temporary tax breaks, lower National Insurance contributions for new employees, up to five years of zero business rates and lower custom tariffs.
The impact for individual regions will no doubt be significant. Hampshire, for example, is set to see a £2billion reinvestment as the Solent Freeport is brought in. Royston Smith, Conservative MP for Southampton said, “The Solent Freeport will help to drive the economic recovery and growth in the city” and will be “game-changing for Southampton”. The Solent Local Enterprise Partnership (LEP) is estimating an uplift of 50,000 jobs (with over half in the Solent area) in a range of sectors.
“It is great to see this focus and investment from the government in the south coast, and we are excited to see what the future holds. Strukta are well placed to support the construction industry in this area, with branches in Portsmouth and Southampton, and trucks delivering to sites across the south on a daily basis”.
Myles Moggach, Managing Director, strukta Group.
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