The East Midlands Combined County Authority has formally taken on the role of accountable body for East Midlands Freeport, marking a significant step in the region’s economic development strategy.
The move is intended to improve coordination between major growth programmes, strengthen governance and provide greater confidence for investors considering opportunities across the East Midlands.
As the new accountable body, EMCCA will be responsible for receiving and managing public funding on behalf of the Freeport, ensuring it is administered transparently, responsibly and in line with government requirements. The arrangement is also expected to strengthen financial oversight while bringing regional growth initiatives under a more joined-up governance structure.
Mayor of the East Midlands, Claire Ward, said:
“East Midlands Freeport is one of the most significant economic opportunities our region has seen in a generation. By becoming the Freeport’s accountable body, EMCCA will help ensure our plans for jobs, investment and growth are better aligned across the East Midlands.
“This will help us present a clear, confident offer to those looking to invest here, while ensuring the benefits are felt by our communities through high-quality jobs, stronger infrastructure and long-term reinvestment.”
The change reflects the Government’s direction for mayoral authorities to take a leading role in shaping local industrial strategy and growth programmes. Under the Government’s Modern Industrial Strategy, Freeports and Investment Zones are expected to work more closely together through Industrial Strategy Zones, creating a clearer and more attractive proposition for investors and developers.
Since its establishment, East Midlands Freeport has operated as an independent company, with Leicestershire County Council acting as the accountable body. The transfer of accountability to EMCCA is expected to create closer alignment with broader regional investment priorities.
A key benefit of the new structure is the stronger connection between the Freeport and the East Midlands Investment Zone (EMIZ). Backed by £160 million in government funding and delivered by EMCCA, EMIZ is focused on supporting innovation, advanced manufacturing and clean energy industries across the region.
East Midlands Freeport is the UK’s only inland freeport and is widely regarded as one of the region’s most significant long-term growth opportunities.
The Freeport is centred around three major development locations:
- Ratcliffe-on-Soar Power Station site, Rushcliffe, Nottinghamshire
- East Midlands Intermodal Park, South Derbyshire
- East Midlands Airport and Gateway Industrial Cluster, North West Leicestershire
Freeports are designated areas where businesses can benefit from tax incentives and simplified customs procedures designed to encourage investment, support business expansion and create employment opportunities.
Over the next 25 years, East Midlands Freeport is expected to:
- Contribute £9 billion to the regional economy
- Create 28,000 jobs
- Retain £1 billion in business rates for local reinvestment
With governance arrangements now in place and delivery teams fully established, the Freeport is entering a new phase focused on attracting investment, accelerating development and creating long-term economic benefits for communities across the East Midlands.
Image credit: iStock
