Solent 2050 vision outlined at Freeport launch event

The vision for the Solent Freeport was launched at an event in the Horizon Cruise Terminal Southampton yesterday (Wednesday). Those behind the freeport claim it will unlock billions of pounds of investment while creating thousands of new jobs in the region in what they describe as a once in a generation opportunity.

Guests heard from a number of speakers including, keynote speaker Dee Caffari MBE, MC Peter Henley Political editor BBC South, and Alastair Welch of Associated British Ports.

Stuart Baker Business Development Officer, Solent LEP, outlined innovative funding opportunities for SMEs in the region.

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Mr. Baker said: "We are delighted to be launching this economic strategy. There has been some fundamental changes to how we work post pandemic and this strategy covers us up to 2050. As part of our strategy, our board is backing us with millions of pounds in investment. This is certainly not a plan that will sit on the shelf.

"As an LEP we are investing in interest free loans to businesses in the region. We are supporting our SMEs which are the lifeblood of our post-Brexit economy. We have two products, loans of £100 000 and £1million and a smaller project with smaller interest free loans on very flexible, interest free terms."

Both loan funds, namely SME Priority Sectors Loan Fund and the Solent Prosperity Loan Fund aim to support growth, strengthen skills provision and create jobs in Solent's core sectors, including:

• Maritime;
• Advanced Manufacturing;
• Transport and Logistics;
• Leisure, Hospitality and Tourism;
• Healthcare and Medicine;
• Greentech;
• Creative and Cultural;
• Aerospace
• Retail

Southampton is the UKs biggest export port, from where 90% of goods exported arrive at destinations outside of the EU.

Guests at the Horizon Cruise Terminal were shown promotional material which claimed that Southampton is the: "Ideal location to build back better and greener, where business can take full advantage of the opportunity offered by the Freeport."

The Solent 2050 Strategy was also outlined to the gathered delegates. It positioning the Solent region's aspirations for the future, detailed how the regions innovation and skills will be augmented by this strategy and how it is supporting a faster route to net zero.

Alastair Welch Executive Director of Associated British Ports, said: "One of our key targets is to build a net zero carbon economy. We aspire to build a centre for excellence in green skills and jobs here, this is in order to win the war for talent, which is the future of the industry.

"We need to work really hard to get investment locally as the phrase levelling up really means funding will be directed to the North. The freeport is the single biggest way we will be able to lever investment to support infrastructure in the long term.

"It is a big opportunity but it is not going to be easy."

Dee Caffari MBE said: "We must invest in the future, that includes the people of the future. This means we need to invest in our young people. Developing the skills and talent of those living in the region which will translate into career opportunities for young people.

"I did all my training here, and now I want to show the young people of the area that if you can see it you can be it. I am very proud of the training we have done with local young people, from sailing round the Isle of Wight with young people of the area to sailing around the world with them.

"It shows them that there are so many opportunities locally."

Issuing a call to arms to the Solent young people she said: "This region has so much to offer. My advice to young people is start looking outside the box, there is so much to get excited about with these plans and this masterplan for the area."

Gathered delegates also heard how the Solent region is a seedbed of innovation. The role of universities as catalysts for new ideas, and in growing and unlocking high growth was outlined.

Business leaders and SMEs were invited to find out more about those loan funding opportunities offered through the Solent LEP's SME Priority Sectors Loan Fund and the Solent Prosperity Loan Fund as part of the afternoon seminar programme.

The funds will also support the transition to Net Zero in the Solent for businesses in the core sectors and the Prosperity Loan Fund aims to enable new infrastructure to unlock development.

Details of the first Tax Site for the Freeport, which investors and other delegates were told is "shovel ready" were also outlined.

Councillor Gerald Vernon-Jackson, Leader of Portsmouth City Council said: “Portsmouth is integral to the launch of the Solent Freeport.

“Our business park Dunsbury has been granted approval as a tax site, which is the Solent Freeport’s first fully functioning, shovel ready tax zone. This means businesses can take advantage of the benefits straight away from our prime industrial and manufacturing location.

“With approval for a customs site at Portsmouth International Port to follow shortly, the city is ready-to-go providing opportunities for businesses looking to position themselves within a Freeport area.

“The Solent Freeport has a real opportunity to provide long term economic prosperity for both businesses and their employees, and Portsmouth is playing an essential role unlocking those opportunities.”

Rachael Randall Solent LEP Chairperson, continued: "The LEP is very excited to announce the two new funding schemes which will support the Solent 2050 vision, and the aspirations of those working and living in the region, including support for SMEs and entrepreneurs.

“We want as many businesses as possible who have a project that would benefit from interest free loan funding to contact us.

“The announcement strongly supports our Solent 2050 strategy, which outlines how we will work with partners to level up our region, create jobs, drive innovation and ensure a prosperous economy where communities thrive."

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