Question to the Ministry of Housing, Communities and Local Government:

To ask the Secretary of State for Levelling Up, Housing and Communities, what assessment he has made of the return of investment from Freeports for (a) the UK economy, (b) the Scottish economy and (c) shareholders and private investors.

The Government has evaluated the public benefit and value for money each Freeport will deliver through the competitive process for selecting Freeport locations and subsequently through a robust business case process. Once approved, these business cases, including details of the benefits the Freeport will deliver, are published online. To ensure Freeports are delivering these returns to the UK and Scottish economies, the Government is also monitoring and evaluating their delivery; our approach is published here.

This allows us to identify the impacts Freeports are already having: for example, we announced in November 2023 that Freeports have already generated £2.9 billion in investment in under two years, which will in turn create 6,000 jobs. It also enables us to monitor the suitability of the Freeports package and identify opportunities to enhance and double down on it. For example, we have recently extended the tax reliefs in Freeports from five to ten years and launched a £150 million flexible Investment Opportunity Fund to secure specific business investment opportunities.