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19.11.2021

Financial incentives for businesses to locate at Thames Freeport start today

A range of financial incentives which make it economically attractive for businesses to locate at Thames Freeport* will apply from today (19 November).

Anyone setting up a new manufacturing, clean energy or logistics business at the Thames Freeport will be able to access tangible economic benefits which are available across the three tax sites at Ford Dagenham, the Port of Tilbury and London Gateway’s Logistics Park. The substantial sites are ready for development now.

Freeports are special areas within the UK’s borders where different economic regulations apply. These include a range of tax incentives, including business rates relief for five years, enhanced capital allowances, relief from stamp duty and exemption from employer national insurance contributions for new and additional employees. These tax reliefs are designed to encourage the maximum number of businesses to open, expand and invest in the country’s freeports which in turn will boost skilled, highly paid employment.

Launching at the conclusion of International Trade Week, Rt Hon Ruth Kelly, Chair of Thames Freeport, declared: “Thames Freeport is open for business. This package of measures potentially reduces property ownership costs for new businesses by 50%, offering a massive fillip to our 1,700-acre development platform – much with planning consent. The accelerated development of these sites will bring significant economic and regeneration benefits to the communities and businesses based along the Thames estuary corridor.”

*Thames Freeport is an economic zone connecting Ford’s world-class Dagenham engine plant, the global ports at London Gateway and Tilbury, and many communities in urgent need of ‘levelling-up’. 20% of the UK’s most deprived communities are in London and the South East. Businesses looking to expand are being urged to take advantage of the tax benefits of relocating to the Freeport and being part of a customs zone, which will enable the businesses to continue to have low friction trade processes with the EU and global markets.

No location can match Thames Freeport for access to rail, road, river and international maritime routes. Comprising Britain’s most globally connected ports and logistics park and Ford’s world-class engine plant, Thames Freeport represents a faster, more cost-effective, and more environmentally responsible way to service domestic and European markets. Ford Dagenham is London’s largest manufacturing site.

See the Thames Freeport website / Twitter / LinkedIn pages for more information.

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Contact details:

For more information, contact:

Notes:

The UK’s first ever International Trade Week, 15-19 November, offers a series of events to help businesses learn more about selling globally and connect with trade industry experts. More information can be found here.

Rt Hon Ruth Kelly served as MP for Bolton West from 1997 until she stood down in 2010. During this period, she served as Secretary of State for Transport, Secretary of State for Communities and Local Government, Secretary of State for Education and Skills and Minister for Women and Equalities, as well as holding ministerial roles in HM Treasury. Since leaving Parliament, she has held roles at HSBC Global Asset Management and St Mary’s University. As Pro-Vice Chancellor for Research and Enterprise at St Mary’s, she spearheaded the delivery of a transformational vision, ‘Vision 2025: St Mary's plan for the future’.

Thames Freeport’s formal commercial launch took place at an event at The Savoy Hotel, London, in the presence of Rt Hon Rishi Sunak MP and Rt Hon Grant Shapps MP on Wednesday 15th September. The Freeport has already seen the £300 million announcement by DP World that work will begin shortly on a new fourth berth at its London Gateway logistics hub to increase supply chain resilience and create more capacity for the world’s largest vessels.

The Government freeport guide can be found here.

Thames Freeport benefits include:

  • Over £4.5 billion in new public and private investment
  • 21,000+ new jobs with many more across supply chains, with significant investment in training and skills
  • 1,700 acres of development land – much with planning consent
  • £400 million port terminal investment into some of the most deprived areas
  • Freeports are in our DNA – DP World began as a free trade zone in Jebel Ali, while Tilbury was a freeport until 2012.

DP World and Forth Ports are progressing a Thames Freeport, with London Gateway, the Port of Tilbury, Ford Dagenham and the Thames Enterprise Park (TEP) at its heart – highlighting the role of the River Thames in a prosperous, global Britain. TEP will be a customs sub-zone.

The Thames Freeport will provide Ford with a test bed to support the transition to a future of automated, connected, electric vehicles. The Freeport’s transformation programmes aim to increase knowledge transfer, skills development and clean growth.

The Thames Freeport is backed by local MPs, alongside the Association of South Essex Local Authorities, Barking and Dagenham Council, Basildon Council, Be First, Brentwood Council, Castle Point Council, Essex Chamber of Commerce, Essex County Council, Havering Council, London First, Opportunity South Essex, the Rail Freight Group, Rochford Council, Southend Council, the Thames Estuary Growth Board, Thurrock Business Board, Thurrock Council and the South East LEP.

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