HAMPSHIRE has been given a multi-million pound boost and a pledge of thousands of high quality jobs with the approval of its Solent Freeport plans.

The government announced this morning that the UK’s first three freeports are fully up and running after receiving the final go-ahead.

The three freeports – in Solent, Plymouth and Teesside – will receive up to £25million in funding, followed by potentially tens of millions of pounds in business rates which can be kept locally to spend on infrastructure and regeneration.

Businesses in freeports will get tax breaks to unlock investment and create jobs in what the government describes as the industries of the future.

Levelling up minister Dehenna Davison said: “We are taking full advantage of the freedoms of leaving the EU and these freeports in Teesside, Plymouth and South Devon and Solent will attract new business to often overlooked areas, creating thousands of jobs.

“Now they are up and running, these freeports will harness local expertise to grow vital industries and turbocharge our national economy.

“Freeports will generate prosperity and spread opportunity throughout the UK by driving innovation and throwing open our doors to trade with the world.”

Solent’s freeport will seek to grow the region’s maritime economy and make the area a hub for the sector.

Ben Murray, chief executive of industry group Maritime UK, said: “The freeport programme is catalysing economic growth and job creation in coastal towns and cities around the UK. We’re delighted to see the first three officially launched with ambitious plans to develop their local proposition for inward investment, innovation, and exports.

“From marine autonomy to defence, advanced manufacturing to decarbonisation, these freeports will help strengthen our maritime clusters and grow our maritime sector; already one of Britain’s biggest industries. We look forward to continuing to work with government to harness the potential of maritime to accelerate levelling-up.”

Richard Ballantyne, chief executive of British Ports Association, said: “Congratulations to the Plymouth, Solent and Tees Freeports as there has been a lot of hard work to get to this stage. We welcome the next chapter of this key economic policy and want to see Freeports work for their regions as well as the whole of the UK.

“We believe strongly that the business benefits freeport areas include will be pivotal in attracting new investment and jobs to our important coastal regions. This is an exciting time to be involved in the ports sector and we are pleased that policy makers see our industry as a focal point for levelling up.”

An event earlier this year heard the Solent Freeport project could see councils collect half a billion pounds in business rates over the next 25 years to plough into local improvements.

The project has been estimated to be worth 32,000 jobs across the UK including 16,000 in the Solent.

There will be three “tax sites”, where businesses will pay no rates for five years: Southampton Water; the Navigator Quarter, next to Southampton Airport; and Dunsbury Park, on the A3 north of Portsmouth.

Two "customs sites" – Solent Gateway on the Waterside and Portsmouth – will benefit from simplified customs and tariff arrangements.