Felixstowe Freeport status expected to benefit whole of Suffolk
Rishi Sunak announced Freeport East had been approved in his Budget
Business leaders in Suffolk are expecting the approval of Freeport East to lead to infrastructure benefits across the county.
Rishi Sunak announced yesterday (3 March) the project, which includes the Port of Felixstowe and Harwich International, will be one of eight new Freeports in England.
They are special economic zones which make it cheaper and easier to do business due to a lack of tariffs and simpler customs documentation.
Freeports aim to attract more business as a result, which Suffolk Chambers of Commerce thinks will lead to improvements across the county.
Head of Policy, Paul Simon, said:
"We are delighted to hear the news that Freeport East is one of eight schemes to be approved by Government. That is important in itself both for the Suffolk economy and national economy.
"We believe it will draw in additional support for some of our other infrastructure asks, not least upgrading the A14 in Suffolk and the east-west rail link from Cambridge to Ipswich."
Suffolk Chambers of Commerce said it was impressed "at first glance" with how the budget will support the short-term recovery and the long-term renewal of the local and regional economy.
Paul added: "We're particularly pleased that the Chancellor has delivered most of our immediate requests of him, not least in terms of extending furlough, help to the self-employed, business rates relief and VAT deferment.
"The Government's decision to increase the maximum amount that can be made by contactless payment is also to be welcomed, as this will provide a useful boost for high street retailers as they begin to emerge from the national lockdown."