A report given to the New Forest District Council (NFDC) cabinet on April 3 shows significant opportunities for the area from the Solent Freeport.

Freeports, special precincts within the UK’s borders, follow different economic regulations than other areas of the country.

The Solent Freeport, one of eight such ports sanctioned by the government after a competitive selection process, includes NFDC as a board member.

Cllr Derek Tipp, Portfolio Holder for Planning and Economy at NDFC, said: "The Solent Freeport heralds a new era of opportunity for the New Forest, poised to generate thousands of jobs, substantial business rates, and commercial land development.

"By leveraging these resources effectively, the district aims to generate growth, drive innovation, and create a legacy of prosperity for generations to come."

Inherent to these freeports are tax sites that grant businesses within them access to specific tax bonuses, such as enhanced capital allowances and relief on stamp duty.

One chief advantage of the Freeport is the capability to retain and reinvest business rates exceeding a base level on tax sites. This privilege is given for 25 years from the Freeport's inception.

Considerably, most of the Solent Freeport's land in tax sites resides in the New Forest district.

It's crucial for the district council to advocate for the local benefits from the reinvestment of retained business rates, predicted to surpass £500m over the Freeport's 25-year span.

NFDC's Cabinet examined strategies for the proposed retainment of business rates to be reincorporated within the area.

They set five primary objectives for the region from the Freeport: transport and infrastructure; employment and skills; prosperous communities; environmental sustainability; and development of a local delivery plan.

The focus of these precedences includes investing in crucial transit networks and infrastructure upgrades; nurturing a proficient workforce via training opportunities; promoting local residents' comprehensive growth; prioritising sustainable practices to preserve New Forest's natural beauty and crafting a detailed plan to manage retained business rates and resources.

In emphasising these key priorities, the NFDC aims to utilise the potential of the Solent Freeport to stimulate efficient economic expansion effectively.