Solent Freeport: securing decades of economic growth for the New Forest

Freeports are special areas within the UK’s borders where different economic regulations apply.

The Solent Freeport is one of 8 UK freeports designated by the government following a bidding process. NFDC are members of the Solent Freeport Board.

Freeport tax sites give businesses operating within them access to certain tax benefits including enhanced capital allowances and stamp duty relief. One key benefit of the Freeport is the retention and reinvestment of business rates above a base level on tax sites for a period of 25 years from Freeport designation.

The majority of land which makes up the Solent Freeport tax sites is within the New Forest district. It is vital that the district council makes a strong case to realise local benefit from the reinvestment of retained business rates, forecast to be in excess of £500m over the 25 years of the Freeport. 

NFDC’s Cabinet heard proposals for how retained business rates could be re-invested in the region by setting five key priorities for the area from the Freeport:

Transport and infrastructure: Investing in essential transportation networks and infrastructure upgrades to facilitate seamless connectivity and spur economic activity.

Employment and skills: Fostering a skilled workforce by providing training opportunities and pathways to employment, ensuring that local talent drives the region's prosperity.

Prosperous communities: Promoting inclusive growth that benefits all residents, enhancing the quality of life and vitality of local neighbourhoods.

Environmental sustainability: Prioritising sustainable practices and initiatives to safeguard the natural beauty of the New Forest and mitigate environmental impacts.

Development of a Local Delivery Plan: Crafting a comprehensive plan to guide the utilisation of retained business rates and other resources, ensuring that investments align with the district's unique needs and aspirations.

With a focus on these key priorities, NFDC aims to leverage the Solent Freeport to drive economic growth effectively.  Cllr Derek Tipp, Portfolio Holder for Planning and Economy, is enthusiastic about the prospects,

"The Solent Freeport heralds a new era of opportunity for the New Forest, poised to generate thousands of jobs, substantial business rates, and commercial land development. By leveraging these resources effectively, the district aims to generate growth, drive innovation, and create a legacy of prosperity for generations to come.”

https://solentfreeport.com/