Freeport which could bring up to 28,000 jobs to East Midlands gets Government approval

The East Midlands Freeport has been formally approved by the Government. The major scheme, which is set to create more than 28,000 new jobs in the region, will be based out of East Midlands Airport (EMA), with bosses believing it will benefit Leicestershire and beyond.

Freeports are trading and investment zones centred around airports and shipping ports, which have unique economic regulations to aid businesses operating inside them.

The Government is setting up seven of these zones up across the UK, with other sites including Teesside, Liverpool and Essex.

Formal backing for the Freeport now means up to £25 million in seed funding from the Government is now being given to the project to drive growth in the area.

The Government says the Freeport has the potential to bring in hundreds of millions of pounds to the East Midlands through a range of industries, growing upon the region’s existing manufacturing, biomanufacturing, logistics, and low carbon works. Officials believe it will also help encourage investment into other sectors, including the automotive and space sectors.

Estimates suggest the Freeport will create more than 28,000 new jobs, with EMA a key part of the project, but work at two other sites will be key. At Ratcliffe-on-Soar Power Station, work will be focused on low-carbon energy and advanced manufacturing, while EMIP will see work on moving freight from the road to the rails in a bid to boost business and cut emissions.

Steve Griffiths, EMA’s managing director said: “The Freeport will provide a focal point around which the public and private sectors can collaborate to shape the future economic success of this region.