7 Dec 2022

Babcock welcomes green light for Plymouth and South Devon Freeport

Babcock welcomes the news that Plymouth and South Devon Freeport has been given the green light by the UK Government.

Plymouth and South Devon Freeport is the first of eight Freeports to be given full approval which unlocks millions of pounds of grant seed funding and enables applicable businesses to join and take advantage of the Freeport status.

The Freeport represents a unique opportunity to level up, address historical challenges and leverage exciting new opportunities to transform the economy of Plymouth and South Devon through:

• Physical regeneration – by delivering infrastructure to unlock key employment sites and innovation assets, supporting business clustering and clean growth opportunities.

• Economic regeneration – by delivering inward investment, supply chain opportunities and productivity gains within our identified growth sectors.

• Social regeneration – by delivering a pipeline of jobs across the spectrum of employment from entry level to higher skilled/high value with upskilling opportunities.

David Lockwood, Chief Executive, Babcock said: “Babcock welcomes the UK Government’s designation of the Plymouth and South Devon Freeport. As a major employer in the region, we have actively supported this business case, which firmly aligns with our long term commitment to the area.”

“The Freeport will bring significant opportunities and potential employment to the South West of the UK, and we are delighted to be part of this through our dedicated support to the Royal Navy, continued investment in our facilities and delivering wider economic benefits through our supply chain.”

Harnessing the region’s key strengths in marine, defence and advanced manufacturing, and supporting the burgeoning space sector, the Plymouth and South Devon Freeport will enable innovators and investors from across the world to test, trial and take to market cutting edge technology and products.

Enabling high skilled jobs, promoting the development of the supply chain and investing in the local economies where we operate are all priorities for Babcock as part of our ESG commitments. Our work to support these commitments has been recognised by the recent Oxford Economics social impact study, which highlighted how we deliver significant economic value and social benefit to the UK, and in particular in the South West of England. That’s why we’re pleased to working alongside Plymouth City Council, South Hams District Council and Devon County Council, Princess Yachts, Carlton Power, the Sherford Consortium and a wider range of stakeholders including the Universities of Plymouth and Exeter, Plymouth port operators, skills providers and the Heart of the South West LEP to ensure the success of the Freeport project and realise the many benefits it will bring.