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Nearly £20m in Levelling Up Funding Announced for Plymouth Freeport

November 21, 20230
johnny

FOR IMMEDIATE RELEASE

Contact: Office of Johnny Mercer MP 

Phone: +44 1752 876979 

Email: johnny@johnnyforplymouth.co.uk 

 

Nearly £20m in Levelling Up Funding Announced for Plymouth Freeport 

 

On Monday, 20th November, the Minister for Levelling Up Jacob Young announced £19,946,417 in funding for Plymouth’s Freeport. This, adding to further spending commitments of £25m from the Government and £29m from local authority sources, will encourage more businesses to invest in Plymouth, as Babcock, Princess Yachts and Carlton Power have done already. Writing to Plymouth City Council, the Minister wrote that “I am very keen, as I am sure you are too, to get delivery and spend underway quickly.” The funding is part of nearly £1 billion of investment in 55 transformational projects across the country. 

 

A freeport is a special area within the UK’s borders where different economic regulations apply. They use tax and customs incentives to channel investment to a specific site. Plymouth is one of eight planned freeports, the others being East Midlands Airport, Felixstowe and Harwich, Humber region, Liverpool City Region, Solent, Thames and Teesside. 

 

Johnny Mercer, the MP for Plymouth Moor View, worked hard to ensure that Plymouth was one of the first Freeports in the country. In his latest column piece in the Plymouth Herald, Mr Mercer argued that “We are already seeing the benefits of the freeport to Plymouth.” This latest funding announcement is further proof that this is the case. 

 

On the nearly £20m funding, Mr Mercer said “While neighbouring MPs have focused on promoting their national party politics at every turn, I have been an outspoken champion of Plymouth’s Freeport. I understand that Plymouth’s future is tied to its maritime history; although, it has been neglected by local politicians past and present. The Freeport is integral to regeneration in this sector, driving up investment and creating new, high-skilled jobs. The Government’s latest funding announcement is the strongest endorsement that we could ask for.” 

 

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Luke Jones

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