With the East Midlands Freeport receiving final approval in March, there is excitement across Nottinghamshire, Derbyshire and Leicestershire about how this will stimulate investment, spread opportunity and drive economic growth in the region.
The East Midlands Freeport is the only Freeport in the UK to be located inland, taking advantage of its connections to East Midlands Airport (the number one freight airport in the UK), a centrally located train station, and proximity to the M1.
91% of the UK’s population lives within a four-hour drive of the Freeport, and being adjacent to three major cities, it is well placed to provide huge opportunities across the region.
The East Midlands Freeport will see £25 million of funding over the next 30 years which is predicted to add £8.9 billion to the local economy and create over 28,000 jobs. Accessible by road, rail, and air, the Freeport is well positioned to attract global trade and investment, creating jobs and becoming a hotbed for innovation and investment.
The site is split across three locations: East Midlands Airport, the East Midlands Intermodal Park, and Ratcliffe-on-Soar power station. The three locations will combine to create the Freeport which will be around 530 hectares in size. The Freeport is expected to start operating in March next year.
The Freeport has benefited from cross-party support, with MPs across the political divide releasing a video of support in 2021. With all sides of the political spectrum supporting the Freeport, as well as other investments in the region, the East Midlands is poised for a new period of growth and investment.
New opportunities are opening up in the East Midlands, with the expected establishment of a shadow East Midlands Combined Authority any day now, local elections across the region, and a fast-approaching Mayoral election in 2024.
Opportunities such as the UK’s only inland Freeport, providing 28,000 jobs, and £25 million of investment, alongside the regional Devolution Deal, are making the East Midlands an ever more attractive place to do business.
With BECG now officially opening our second Midlands office, located in the heart of Nottingham, we are in an increasingly strong position to help our clients take advantage of new opportunities throughout the whole of the Midlands.
Got any questions, or want to discuss how to take advantage of investment in the East Midlands? Get in touch.