- The Solent Freeport is one of the first UK Freeports to be fully approved by the Government, and sets out to unlock billions of pounds of inward investment, supporting the creation of jobs and driving economic growth in the area.
- New research from Southern Policy Centre and law firm Blake Morgan brings together insight from local business leaders
- Business community confident that Solent Freeport will be a boost to region, and want to explore how the benefits can be shared most widely
- Report finds there is a need and willingness for greater collaboration over coming years
- Businesses ‘get that it’s good’ but seek more detail on how they can be involved
- Another key finding is “Let’s make this about regional growth and the big picture, not benefits happening only in selected ‘business bubbles’”
Business leaders in Southampton are confident the Solent Freeport will help to tackle challenges in the region and boost growth, but there is still some uncertainty about the specific opportunities offered, new research has found.
In partnership with leading law firm Blake Morgan, independent think tank Southern Policy Centre (SPC) has published its report, 'Solent Freeport: opportunities for the Central South', looking at the potential benefits of the Solent Freeport for the business community.
The report, published on 21 March 2023, summarises the findings of the research carried out which involved targeted interviews, meetings and seminars with businesses across South Hampshire and hinterlands.
The Solent Freeport is one of the first UK Freeports to be fully approved by the Government, and sets out to unlock billions of pounds of inward investment, supporting the creation of jobs and driving economic growth in the area.
Local leaders are hopeful the creation of the freeport will help strengthen and retain the skilled workforce, and will foster the development of new industries such as renewable energy and green manufacturing. The report reveals many regional business leaders are optimistic about the opportunities the freeport offers, but still feel there are potential gaps in knowledge among the business community in understanding these. Tackling this is important to ensure that small, medium and large-sized enterprises all benefit, and that the freeport will stimulate wider growth across the region, not just in the ‘bubble’ of the freeport.
To achieve this, the report recommends a number of steps aimed to improve communication and coordination with the region’s businesses and the wider community. This includes a call for a “clear and exciting vision” for the Solent Freeport, as well as strong leadership and a collaborative approach that brings together different stakeholders and champions the region in a coordinated way.
This report marks the mid-point in the research into this topic planned by Blake Morgan and the Southern Policy Centre. The next stage of research will include a seminar and panel discussion in early summer. The seminar will bring together key organisations and business stakeholders to further explore the various opportunities offered by the Solent Freeport and how these can be used to deliver growth within the freeport area and beyond.
Simon Eden, Southern Policy Centre director said: “The next few months are important if the Solent Freeport is to deliver the promised benefits to the central South’s economy. The Freeport Team are open to working with local businesses, and our research suggest they should lose no time in building the collaborative approach so necessary for long term success.”
Daniel Curtis, partner at Blake Morgan, added: “There’s no question the development of the Solent Freeport is a significant milestone for the region, and there is huge support and optimism for the initiative. What’s important now is for both local businesses and the freeport to work together to truly realise the benefits. This report has highlighted there are gaps in knowledge, which need to be overcome in the next few months to ensure the freeport is a success.
“We’re pleased to have contributed to this valuable piece of research. Blake Morgan’s long history in this part of the country means we know the region has a vibrant and growing economy, which will be boosted to reach its full potential by the creation of the freeport.”
The report, 'Solent Freeport: opportunities for the Central South', can be viewed here: https://info.blakemorgan.co.uk/freeport-policy-paper/cover
