Anglesey special tax zone plan could 'create thousands of new jobs'
Anglesey Freeport has been given the green light in a move that will open up the island as a 'hub for global trade'. The UK and Welsh Governments have approved a Full Business Case (FBC) for the Holyhead-based project, enabling it to unlock £25m in government seed capital.
The FBC gives details of how Anglesey Freeport plans to operate. It follows the approval of the Freeport's Outline Business Case earlier in the year, which designated the 'Anglesey Prosperity Zone' and the 'Central Anglesey Tax Sites'. A third tax site, called 'North Anglesey', is expected to be approved later this year.
New businesses located within these sites will benefit from special tax reliefs. It's hoped this will attract inward investment – Anglesey Council believes 'exciting times' lie ahead for the island's economy.
With both business cases given the go-ahead, all required approvals are now in place and so the Freeport will move to its 'delivery phase'. On the horizon is a planned technology park in Holyhead which is expected to create around 1,200 jobs and generate up to £578m for the local economy.
Outline planning permission for this is due to be determined shortly. The technology park is earmarked for Prosperity Parc, the former Anglesey Aluminium site which sits within the ' Anglesey Prosperity Zone'.
Its backers believe that if the park's potential is realised, it will generate the equivalent of a third of Anglesey's current economy.
Anglesey Freeport, a partnership between Stena Line and Anglesey Council. Ian Davies, head of UK Port Authorities at Stena Line, said FBC approval was a 'milestone' in the Freeport's development. Join the North Wales Live Whatsapp community now
Mr Davies said: 'We will now deliver on the promise of the Freeport, which is to attract investment, protect the Welsh language and culture, create thousands of new jobs and boost economic growth across North Wales.'
Rebecca Evans, the Welsh Government's cabinet secretary for economy, energy and planning, said the Freeport could 'supercharge' economic growth and high-quality jobs in North Wales.
Dylan J Williams, Anglesey Council's chief executive, said FBC approval was a 'significant step forward' in delivering Anglesey Freeport. He said: 'Together with Stena Line, we have invested a considerable amount of time and effort into this transformational opportunity.
'There are, we hope, exciting times ahead as our partnership creates a solid foundation to deliver significant investment and long-term economic benefits for the island and North Wales.
'This investment will further help protect the Welsh language and maintain sustainable communities.'
Anglesey Freeport was conceived as part of the the broader Freeport programme supported by the Welsh and UK Governments. The goal is to use tax incentives to stimulate global trade, innovation and investment, with an emphasis on low-carbon energy.
This week the Anglesey Freeport team are at the Anglesey Show speaking with politicians, businesses and residents about its work and ambitions.
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