The official launch of Humber Freeport took place recently at a VIP event held at Associated British Ports' Pump House in Hull's Alexandra Dock. The event also marked the establishment of the Humber Freeport Company Ltd and was attended by prominent figures from the public and private sectors.
Simon Bird, Chair of Humber Freeport (pictured above), said the initiative had a unique opportunity to not only drive economic growth but also support the government's levelling up agenda in the Humber region.
“Humber Freeport will seek to secure hundreds of millions of pounds of private sector investment and the final business case conservatively estimates that such investment will create at least 7,000 new, mostly skilled, jobs… This investment will have a transformative effect in lifting the prospects of the region.”
The freeport comprises three designated tax sites: Hull East; Able Marine Energy Park and Immingham, on the south bank of the Humber; and Goole. Businesses operating within these zones can benefit from incentives such as land tax relief, business rate relief, enhanced capital allowances, and National Insurance contribution relief for employers.
Investors also enjoy assumed permitted development rights that expedite the planning process while close proximity to high-quality port operations adds to the appeal for potential investors.
Michael Green, Head of Freeports at the Department for Business and Trade, said: “Freeports represent a generational shift. Inward investment is hugely important for job creation and regeneration and we are looking to build on the UK’s centres of excellence with targeted Government support.”
The Humber bid for freeport status was submitted in February 2021, following a competitive bidding process initiated by the government in November 2020. Associated British Ports (ABP) led a coalition that included local authorities, Local Enterprise Partnerships, universities, and other stakeholders. In the March 2021 Budget, the Humber was selected as one of eight locations in England to receive freeport status.
In March 2023, the government conditionally approved Humber Freeport's Final Business Case, paving the way for the official launch of the freeport.