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Written question asked by Lord Taylor of Warwick (Non-affiliated) on Thursday, 23 November 2023, in the House of Lords. It was due for an answer on Thursday, 7 December 2023. It was answered by Baroness Penn (Conservative) on Thursday, 7 December 2023 on behalf of the Department for Levelling Up, Housing and Communities.

Plymouth and South Devon Freeport: Small Businesses

Question

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.

Answer

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.

Secondary information

Type
Written question
Reference
HL574
Session
2023-24
Subjects
Small businesses Plymouth and South Devon Freeport
Link
View this Written question on www.parliament.uk