A new freeport is set to begin trading next month after the latest Chancellor's budget.
Thames Freeport partners have welcomed the Chancellor’s announcement - made today during his Budget - that it will be able to begin operations from November.
Mr Sunak announced reforms to business rates, including introducing more frequent revaluations every three years from 2023, relief for those adopting solar panels and a 12 month rate holiday on property improvements.
Ernst Schulze, UK Chief Executive of DP World said: “This is exciting news for Thames Freeport, our customers and the local community. Freeport status has already begun to turbo-charge one of the largest urban regeneration projects in Europe at London Gateway.”
Charles Hammond OBE, Chief Executive of the Forth Ports Group said: "Thames Freeport opens a new chapter for the development around the growing logistics cluster at Tilbury. Focused on high value, good quality jobs and high productivity business growth in processing, manufacturing and clean logistics, the years ahead will be an exciting for the Port of Tilbury as we continue to build on our record of delivering new port terminals and premier freight solutions for London and the South East."
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