£25M of funding to be spent by bosses at Solent Freeport
They say it will boost the economy by bringing 15,000 jobs
All £25 million in government funding is forecast to be spent by bosses at Solent Freeport in plans they say will boost the local economy by bringing 15,000 jobs to coastal Hampshire.
New Forest District Council officer, Tim Guyer, told a resources and transformation overview and scrutiny panel, that the £25 million “seed capital” given to each Freeport by the government had to be spent by March 2026.
He added: “Of 430 hectares of developable land, 303 hectares, 70 per cent is in the New Forest.”
The council has said it wishes to ensure that locals benefit from the forecasted retained business rates revenue, estimated to be more than £500m over the next 25 years of the freeport.
A freeport spokesperson said: “75 per cent of the seed capital has been contracted with infrastructure schemes to support the Solent economy.
“The remaining 25 per cent is currently under negotiation. It is expected that all the funds will be allocated by the end of the year. Existing projects are on track to claim all grant funds by the end of March 2026.”
Mr Guyer also confirmed that as part of local government reorganisation plans the Solent Freeport will be controlled by the new mayoral combined authority.
The area is one of eight UK freeports – special areas within the UK’s borders where different economic regulations apply – such as tax relief and simplified customs arrangements.
The objectives are to create national hubs for global trade and investment, create hotbeds for innovation and promote regeneration providing economic growth.
Most of the land which makes up the Solent Freeport tax sites is within the New Forest district.
The tax sites includes Solent Gateway/Marchwood Port, ABP’s strategic land reserve, Exxon Mobil’s The Fawley Complex and Fawley Waterside.