Mentions:
1: Jacob Young (Con - Redcar) Today, I am pleased to announce the publication of the Freeports Delivery Road Map, a cross-Government - Speech Link
Dec. 19 2023
Source Page: Freeports delivery roadmapFound: Freeports delivery roadmap
Jan. 03 2024
Source Page: Freeports delivery roadmap. 14p.Found: Freeports delivery roadmap. 14p.
Apr. 11 2024
Source Page: Green Freeports in Scotland: FOI releaseFound: Green Freeports in Scotland: FOI release
Mentions:
1: Gareth Davies (Con - Grantham and Stamford) work with the Scottish and Welsh Governments with the intention of delivering the same extension for freeports - Speech Link
Asked by: Alyn Smith (Scottish National Party - Stirling)
Question to the Department for Levelling Up, Housing & Communities:
To ask the Secretary of State for Levelling Up, Housing and Communities, whether he has made an estimate of the of the proportion of projected profits earned by Freeports to be received by (a) offshore investors, (b) UK companies and (c) Scottish companies.
Answered by Jacob Young - Parliamentary Under Secretary of State (Department for Levelling Up, Housing and Communities)
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.
Asked by: Alyn Smith (Scottish National Party - Stirling)
Question to the Department for Levelling Up, Housing & Communities:
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.
Answered by Jacob Young - Parliamentary Under Secretary of State (Department for Levelling Up, Housing and Communities)
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.
Apr. 24 2024
Source Page: Report on the proposed Green Freeports in Scotland Subsidy SchemeFound: Report on the proposed Green Freeports in Scotland Subsidy Scheme
Asked by: Lord Dodds of Duncairn (Democratic Unionist Party - Life peer)
Question to the Department for Levelling Up, Housing & Communities:
To ask His Majesty's Government how many freeports have been announced for each country of the United Kingdom in the past 10 years; and where they are located.
Answered by Baroness Scott of Bybrook - Parliamentary Under Secretary of State (Department for Levelling Up, Housing and Communities)
Information on the number of Freeports announced in the United Kingdom in the last ten years and their locations can be found at the following link.
Following discussions with stakeholders in Northern Ireland about how best to deliver the benefits associated with Freeports and Investment Zones there, the government announced at the Spring Budget that we will establish an Enhanced Investment Zone offer in Northern Ireland with £150 million in funding, able to be used flexibly across spending and tax levers.
Apr. 24 2024
Source Page: Report on the proposed Green Freeports in Scotland Subsidy SchemeFound: Report on the proposed Green Freeports in Scotland Subsidy Scheme