A number of corporate leaders and politicians in South Yorkshire have put forward plans for part of the area to be made into a Freeport, citing benefits like job creation and lower business taxes.

A Freeport is a coastal or inland port, within which standard regulations regarding customs and tax are not applicable. It has some similarities with an enterprise zone, but is focused on those firms that export, import and process goods. Companies based within a Freeport can be 100% exempt from paying business rates on their premises for a maximum of five years, among other tax benefits.

Calculations by the organisations pushing the idea forward indicate that creating a Freeport in the area will bring a minimum 19% rise in wages via its advanced manufacturing focus, lead to jobs for 28,700 people, bring in investment worth more than £500 million and grow the region’s economy by £169 million per year.

The proposed location for the Freeport is Doncaster, in the vicinity of Doncaster Sheffield Airport. Those behind the idea have already set aside land measuring 360 hectares that is ready to be developed into the Freeport.

Speaking to Yorkshire Live, the Mayor of Doncaster, Ros Jones, stated that:

“Securing this Freeport in Doncaster will be a boost for the borough and South Yorkshire.”

Firms in the region that would not be situated within the chosen Freeport area may find that they are still able to benefit from relevant tax reliefs if they speak to a business accountant in Doncaster.