Brexit LIVE: ‘Super’ freeport bid set to turbocharge Global Britain hailed as ‘big win’
Rishi Sunak discusses freeports announcement
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Matt Vickers, MP for nearby Stockton South, has hailed the news as proof that investors were “queuing round the block” to back “independent and sovereign Britain”. JP Morgan is advising the consortium, which is expected to table an initial offer in early September prior to a second round and final binding bids by the end of 2021, sources close to the deal told The Sunday Telegraph.
Investment bank RBC is running the sale for PD Ports, which has 1,300 staff and 12 UK sites.
Pensions giant Legal & General’s involvement comes after Prime Minister Boris Johnson and Chancellor Rishi Sunak wrote to major institutional investors urging them to back British projects.
Teeside Mayor Ben Houchen has vowed to create thousands of jobs by overhauling 4,500 acres of land on Teesside, including the former SSI steelworks, which is now owned by the South Tees Development Corporation (STDC).
Mr Vickers told Express.co.uk: “Investors are queuing round the block to take advantage of an independent and sovereign Britain.
“The new Teesside freeport is a perfect example of this and is a big post-Brexit win for the North East.
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“It will provide tens of thousands of quality jobs and direct billions of pounds of investment to the region.”
Mr Vickers, whose seat is an archetypal “Red Wall” constituency of the sort the Tories will be hoping to hang on to next time round, added: “It’s fantastic that the Government and investors recognise the amount of untapped potential Teesside has to offer.
“On top of the relocation of Treasury jobs to Darlington, gone are the days where decision-makers and investments were focused solely in London and the South.”
He stressed: “Successive Governments have banded about the idea of the ‘Northern Powerhouse’, but now we’re finally seeing this talk being put into action.
“With a driven and ambitious mayor in Ben Houchen and an abundance of new Conservative MPs in the region fighting hard for jobs, opportunities and investment, the future for Teesside and the North East has never looked brighter.”
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6.45am update: Super-port plan gets massive boost
Boris Johnson’s ambitions to turn Britain into a global shipping hub have received a massive boost after it was revealed the Duke of Northumberland had teamed up with forces with Legal & General to fund an ambitious post-Brexit “super-port” in Teeside.
Matt Vickers, MP for nearby Stockton South, has hailed the news as proof that investors were “queuing round the block” to back “independent and sovereign Britain”.
JP Morgan is advising the consortium, which is expected to table an initial offer in early September prior to a second round and final binding bids by the 2021, sources close to the deal told The Sunday Telegraph.
Investment bank RBC is running the sale for PD Ports, which has 1,300 staff and 12 UK sites.
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