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The East Midlands Freeport (EMF) is a new economic zone in the heart of the UK’s advanced manufacturing and logistics economy. It is in an unparalleled location and can connect businesses with 91% of the UK population within a 4-hour drive. It is home to a rich manufacturing heritage, representing over 16% of the region’s economy and a skilled and dynamic workforce of some 3m people. The EMF was officially opened in March 2023, and it is the UK's only inland freeport.
The EMF is expected to create thousands of jobs, boost skills, help the region reach its net-zero emissions targets and reinvest hundreds of millions of retained tax in the area. It is a unique and world-leading project that will bring many benefits to the East Midlands, but what exactly is a Freeport?
What is a Freeport?
Freeports are a flagship Government programme that will play an important part in the UK’s post-COVID economic recovery and contribute to realising the levelling up agenda, bringing jobs, investment and prosperity to some of the most deprived communities, with targeted and effective support.
They are designed to attract major domestic and international investment and act as hubs of enterprise to allow places to carry out business inside a country’s land border but where different customs rules apply.
An area has been created for East Midlands Freeport which provides relief from certain customs duties. It is a 45km zone centred on East Midlands Airport which encompasses Leicester, Nottingham and Derby, with the first customs site at Space Park Leicester in Leicester.
There are also three designated sites within the customs zone with specific tax and economic levers to attract inward investment, which are:
- East Midlands Airport and Gateway Industrial Cluster in North West Leicestershire.
- Ratcliffe-on-Soar Power Station site in Rushcliffe, Nottinghamshire.
- East Midlands Intermodal Park in South Derbyshire.
Why are Freeports good for business?
Freeports are similar to free zones, or ‘enterprise zones’, which are designated areas subject to a broad array of special regulatory requirements, tax breaks and government support. The difference is that a Freeport is designed to specifically encourage businesses that import, process and then re-export goods.
This will help businesses because they can save money on taxes and duties, and benefit from the other advantages that Freeports offer, such as simplified customs procedures and access to a skilled workforce.
East Midlands Freeport has committed to deliver tens of thousands of jobs, unlock the skills for the future and will help to create a dynamic and multi-disciplinary workforce.
It will ensure that businesses operating on the three designated sites meet the very highest environmental and net zero standards, which will place them at the cutting edge of the green growth agenda.
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