Brexit LIVE: A ‘super’ freeport proposal hailed as a ‘big win’ for Global Britain.
The Duke of Northumberland has teamed up with Legal & General to fund an ambitious “super-port” in Teeside, boosting Boris Johnson’s plans to convert Britain into a global shipping powerhouse.
The announcement has been greeted by Matt Vickers, MP for Stockton South, as proof that investors are “queuing around the block” to back “independent and sovereign Britain.” According to sources close to the sale, JP Morgan is advising the consortium, which is anticipated to make an initial offer in early September before moving on to a second round and final binding bids by the end of 2021.
RBC is handling the sale of PD Ports, which employs 1,300 people and has 12 locations across the United Kingdom.
Prime Minister Boris Johnson and Chancellor Rishi Sunak wrote to large institutional investors pushing them to promote British initiatives, prompting Legal & General’s engagement.
Teesside Mayor Ben Houchen has pledged to remodel 4,500 acres of land on Teesside, including the former SSI steelworks, which is now controlled by the South Tees Development Corporation, in order to create thousands of jobs (STDC).
“Investors are queuing around the block to take advantage of an independent and sovereign Britain,” Mr Vickers told this website.
“The new Teesside freeport is an excellent illustration of this, and it represents a significant post-Brexit success for the North East.
“It will create tens of thousands of high-paying jobs and bring billions of pounds into the region.”
“It’s excellent that the Government and investors appreciate the amount of untapped potential Teesside has to offer,” Mr Vickers, whose seat is a typical “Red Wall” constituency of the type the Tories will be aiming to keep next time around, said.
“Along with the shift of Treasury employment to Darlington, the days of decision-makers and investments being entirely centred in London and the South are long gone.”
“Successive governments have joined together behind the idea of the ‘Northern Powerhouse,’ but now we’re finally seeing this talk put into action,” he said.
“The future for Teesside and the North East has never looked better, with a motivated and ambitious mayor in Ben Houchen and a slew of new Conservative MPs in the region pushing hard for jobs, opportunities, and investment.”
Northern Ireland is home to two-thirds of the electorate. “Brinkwire News in Condensed Form.”