May. 16 2024
Source Page: Smarter regulation: one year onFound: Creating hotbeds for innovation remains a core objective of the Freeports programme, which aims to
Oral Evidence May. 15 2024
Inquiry: Securing the domestic supply chainFound: To take two other examples, there is the flexible investment opportunity fund, which is there for freeports
Oral Evidence May. 15 2024
Inquiry: The Governance of the Union: Consultation, Co-operation and Legislative ConsentFound: In my case, things that are relevant there would include freeports.
Found: Agenda item 7 Captain Alan McPherso n (Forth Ports ) - Green Freeports Agenda item 8 AOCB/Future
May. 13 2024
Source Page: Scottish Green Freeports Subsidy SchemeFound: Scottish Green Freeports Subsidy Scheme
May. 13 2024
Source Page: Scottish Green Freeport seed capital eligibility criteriaFound: Introduction The two Green Freeports in Scotland have each been granted access to up to £25 million
May. 13 2024
Source Page: Scottish Green Freeport seed capital eligibility criteriaFound: Purpose: The maps below have been provided by each of the successful bidders in the Scottish Green Freeports
May. 10 2024
Source Page: BICS weighted Scotland estimates: data to wave 107Found: AND imported goods - Wave 51UKFreeports_UseEstimated share of businesses by whether plans to use UK freeports
Asked by: Alyn Smith (Scottish National Party - Stirling)
Question to the Department for Levelling Up, Housing & Communities:
To ask the Secretary of State for Levelling Up, Housing and Communities, what discussions he has had with Cabinet colleagues on the adequacy of funding arrangements for Freeports.
Answered by Jacob Young - Parliamentary Under Secretary of State (Department for Levelling Up, Housing and Communities)
The Government has evaluated the public benefit and value for money each Freeport will deliver through the competitive process for selecting Freeport locations and subsequently through a robust business case process. Once approved, these business cases, including details of the benefits the Freeport will deliver, are published online. To ensure Freeports are delivering these returns to the UK and Scottish economies, the Government is also monitoring and evaluating their delivery; our approach is published here.
This allows us to identify the impacts Freeports are already having: for example, we announced in November 2023 that Freeports have already generated £2.9 billion in investment in under two years, which will in turn create 6,000 jobs. It also enables us to monitor the suitability of the Freeports package and identify opportunities to enhance and double down on it. For example, we have recently extended the tax reliefs in Freeports from five to ten years and launched a £150 million flexible Investment Opportunity Fund to secure specific business investment opportunities.
Asked by: Alyn Smith (Scottish National Party - Stirling)
Question to the Department for Levelling Up, Housing & Communities:
To ask the Secretary of State for Levelling Up, Housing and Communities, whether he has made an estimate of the of the proportion of projected profits earned by Freeports to be received by (a) offshore investors, (b) UK companies and (c) Scottish companies.
Answered by Jacob Young - Parliamentary Under Secretary of State (Department for Levelling Up, Housing and Communities)
The Government has evaluated the public benefit and value for money each Freeport will deliver through the competitive process for selecting Freeport locations and subsequently through a robust business case process. Once approved, these business cases, including details of the benefits the Freeport will deliver, are published online. To ensure Freeports are delivering these returns to the UK and Scottish economies, the Government is also monitoring and evaluating their delivery; our approach is published here.
This allows us to identify the impacts Freeports are already having: for example, we announced in November 2023 that Freeports have already generated £2.9 billion in investment in under two years, which will in turn create 6,000 jobs. It also enables us to monitor the suitability of the Freeports package and identify opportunities to enhance and double down on it. For example, we have recently extended the tax reliefs in Freeports from five to ten years and launched a £150 million flexible Investment Opportunity Fund to secure specific business investment opportunities.