The East Midlands Airport zone holds the unique position as being the only inland bid unveiled by the Chancellor in the budget yesterday.

Based around the East Midlands Airport and Gateway Industrial Cluster (EMAGIC) in North West Leicestershire, Unipers Ratcliffe-on-Soar power station site in Rushcliffe in Nottinghamshire and the East Midlands Intermodal Park (EMIP) in South Derbyshire, the Freeport will bring significant investment to develop and drive innovation, alternative energy sources and green technology.

The East Midlands Freeport bid was submitted last month by a consortium led by the Local Enterprise Partnerships representing Leicester, Leicestershire, Derby, Derbyshire, Nottingham and Nottinghamshire. It included private sector businesses and local authorities, with support from universities, business groups, local MPs and the proposed East Midlands Development Corporation.

Kevin Harris, chair of the Leicester and Leicestershire Enterprise Partnership Limited Board of Directors, said: “It represents an opportunity to attract international investment, capitalise on our key strengths and increase jobs and exports across key industries.

“The benefit to businesses will be streamlined planning, tax relief and simplified customs procedures that will support their growth, and in turn, local communities will benefit from additional employment opportunities and better infrastructure; both of which are targeted at improving people’s livelihoods.”

East Midlands chamber chief executive was another important driver of the bid and identified the airport’s key position as a major mover of freight as pivotal to the decision.

He said: “We are in a unique position as the only inland freeport among the eight designated zones, which is testament to East Midlands Airport’s reputation as the country’s most important mover of international freight and the catalyst for the explosive growth we’ve witnessed in our region’s logistics sector in recent years.”

Local leaders now hope as many as 60,000 jobs will be created because of the Freeport decision and Loughborough MP Jane Hunt was confident the area was ready to take advantage of the opportunity afforded.

“Businesses large and small will be able to take advantage of the Freeport and thousands of jobs will be the result for the people of Loughborough. This will be all the more important in the months and years ahead as we come out of the Covid pandemic.”

BUSINESSES located within the freeport zones will benefit from having no tariffs to pay on imports and exports unless they are exported into the UK. Other major benefits include tax breaks, including no stamp duty, full rebates for construction and machinery investment and five years of zero business rates.