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Solent Freeport Given Go Ahead By Chancellor Rishi Sunak

The Solent Freeport - which includes the Isle of Wight - has been given the go ahead.

Chancellor Rishi Sunak has revealed the news in his budget announcement this afternoon.

The Solent Freeport has previously been backed by Isle of Wight MP Bob Seely.

Speaking last month, he said:

"Almost all of the Island has now been incorporated including the major shipbuilding centres on the Isle of Wight which is something I was keen to achieve."

It covers an area of approximately 30 miles and now includes the overwhelming majority of the Island.

Designed to attract major domestic and international investment, areas given Freeport status will benefit from a wide package of tax reliefs, simplified customs procedures, streamlined planning processes to boost redevelopment and government support to promote regeneration and innovation.

Areas covered by the Solent Freeport will be able to retain business rate growth to reinvest locally.

The Solent LEP believes the proposal has the potential to attract £2billion investment and create 52,000 jobs.

Chair of the Solent LEP, Brian Johnson said:

“The Solent has a very proud maritime heritage, but we don’t live in the past. Today's announcement represents the start of a new era for the Solent as we begin our work with Government to create jobs, drive innovation and build sustainable, long-term opportunities now and in the future. The wide coalition of public and private partners brought together by the LEP puts us in the strongest possible position to bring this vision for a Solent Freeport to reality.

"As the Nation's Global Gateway, the Solent Freeport will be critical to ensuring that the UK can remain competitive on an international stage in the years ahead and the LEP is committed to ensuring that our local communities - and in particular our young people - can benefit from the opportunities created."

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