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Business News Wales
18 hours ago
- Business
- Business News Wales
Anglesey Freeport Moves to Delivery Phase as Full Business Case is Approved
Anglesey Freeport is set to move into delivery phase as its full business case has been approved by the UK and Welsh Governments. The Freeport is a partnership between Stena Line and Isle of Anglesey County Council. The move follows the approval of the Freeport's Outline Business Case earlier in the year, which designated two major tax sites across the island. New businesses located within Anglesey Prosperity Zone and the Central Anglesey Tax Sites benefit from special tax reliefs and are designed to attract investment and boost economic growth across North Wales. With both business cases approved, all required approvals are now in place, with the Freeport able to transition to its delivery phase. The approval of the Full Business Case will shortly unlock £25 million in government seed capital, enabling the establishment of the Freeport as a business entity. Approval of the North Anglesey Tax Site is expected later this year. Anglesey Freeport will deliver upon the Welsh and UK Government's shared objectives around the broader Freeport Programme, including ensuring the Freeport operates as a hub for global trade, innovation and investment, supporting local talent and embracing new employment opportunities, particularly within low-carbon energy. Additionally, outline planning permission will shortly be determined for a proposed new technology park at Prosperity Parc, the former Anglesey Aluminium site which sits within the Anglesey Prosperity Zone. At its peak, the proposals are forecast to generate up to £578 million of growth in the local economy each year, the equivalent of a third of Anglesey's current economy, and create around 1,200 jobs. Ian Davies, Head of UK Port Authorities at Stena Line, said: 'We are delighted that Anglesey Freeport is now fully operational, following the approval of our full business case. This milestone is the culmination of all the work to date by Stena Line and the Isle of Anglesey County Council. We would like to thank UK and Welsh Government for their continued support in developing the Freeport and commitment to realising its vision. '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.' Isle of Anglesey County Council Chief Executive, Dylan J. Williams added: 'The approval of the full business case is another significant step forward in delivering Anglesey Freeport and boosting the local economy. '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, helping address our local and regional needs. This investment will further help protect the Welsh language and maintain sustainable communities. 'Unlocking £25 million in government funding would allow us to make further progress in developing our three taxes sites – ensuring that Anglesey Freeport brings major new investment, jobs and supply chain opportunities.' Cabinet Secretary for Economy, Energy and Planning, Rebecca Evans, said: 'Anglesey Freeport has the potential to supercharge economic growth and high-quality jobs creation in North Wales and it has taken another significant step towards accessing £25 million in seed capital to capitalise on this transformational opportunity. 'We continue to work hand-in-hand with the UK Government to drive economic prosperity across the region.'
Wales Online
a day ago
- Business
- Wales Online
Anglesey special tax zone plan could 'create thousands of new jobs'
Our community members are treated to special offers, promotions and adverts from us and our partners. You can check out at any time. More info 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.
North Wales Live
a day ago
- Business
- North Wales Live
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.
