Port of Felixstowe hopes for Freeport status in 2021 Budget
It's hoped Rishi Sunak which shed some light on Freeport applications this week
Project leaders are hoping to find out if the Port of Felixstowe will be granted Freeport status at Wednesday's Budget (3 March).
Freeport East, which also includes Harwich International, submitted its application to be granted the status on 5 February.
Speaking about Freeport applications in November 2020, Chancellor of the Exchequer, Rishi Sunak, said: "Our new Freeports will create national hubs for trade, innovation and commerce, levelling up communities across the UK, creating new jobs, and turbo-charging our economic recovery.
"As we embrace our new opportunities as an independent trading nation, we want to deliver lasting prosperity to the British people and Freeports will be key to delivering this."
George Kieffer, Chairman of the Freeport East Project Board, is hopeful the Chancellor will address it this week.
He said: "He has in mind 10 Freeports for the whole of the UK but if the applications are compelling and strong enough, he may go beyond the 10. So, I will certainly be listening to the chancellor on Wednesday.
"The benefits of Freeport are not just going to be in Felixstowe and in Harwich. As part of our proposal we are stretching up the A14 to Stowmarket, and in Essex we are going to Horsley Cross."
One of the benefits Freeport East is predicting is the "turbo-charge" of offshore wind investment in the area.
While it has a particular focus on Harwich, due to its previous involvement in the sector, it will help bring down emissions in the local area.
George added: "The UK is the world’s largest market for the development and deployment of offshore wind and Freeport East sits right at its heart. The southern North Sea is the most densely populated area for offshore wind projects, home to 52% of the UK’s entire operational fleet with more developments planned.
"Securing Freeport status will help attract additional investment in this vital sector, helping to regenerate an area in need of levelling-up and delivering on Government’s targets for net-zero emissions."