On 18th March 2022, South Hams District Council issued a news release stating that the executive (along with Plymouth and Devon Councils) would be considering the full business case of Freeport Status for the area ahead of a submission to HM Government in April.
Leader of Plymouth City Council, Councillor Nick Kelly said: “We are only one of eight areas to get Freeport status and we see this as a brilliant catalyst to build back better and drive economic growth.
“It’s also a chance to showcase our strengths in the marine and defence sectors to the rest of the country, the world, and to support the growing space sector. We have the commitment of some of our largest local employers, including Babcock and Princess Yachts, as key partners in the Freeport.
“Additionally, the Freeport is also about the long term prospects for up-skilling our future workers, making sure there are great job prospects for tomorrow’s workforce.”
The Freeport is expected to see
- 3,584 direct jobs created with an average wage of at least £13.92 per hour
- 10 per cent of jobs created to be filled by inactive claimants and registered unemployed
- 3,000 m2 of skills infrastructure
- 2,400 m2 of new innovation space
- 137.9 hectares of land developed
- 5 new businesses each year
- 2 to 3 new foreign direct investment each year
- 40 business/higher education collaborations a year from 2022
- £4m a year in private investment in research and development
- 10 new products developed for market
The full press release may be viewed here.