To ask His Majesty's Government what steps they will take to ensure that the Plymouth Freeport project contributes to creating a favourable environment for small businesses to access finance opportunities.
Answered on
7 December 2023
Freeports offer significant advantages to SMEs, including reduced taxes, simplified customs, improved infrastructure, and most notably, the fostering of business clustering environments. Plymouth and South Devon Freeport is focussed on developing incubator units at the new innovation centre which will provide an ideal environment to encourage SMEs. With Freeports now operational, they will continue engagement with SME bodies, ensuring they are well-informed and supported to capitalise fully on these collaborative environments and other advantages Freeports offer.
On 20 November we were delighted to announce that Plymouth City Council were provisionally allocated £19,946,417 in Round 3 of the Levelling Up Fund which we hope will accelerate Plymouth's waterfront regeneration.