Thames Freeport - Britain's Trading Future

[ 55 ] • Builds a culture of cyber awareness — it’s a collective responsibility for all stakeholders • Ensures compliance to agreed standards and uses best practice in hardening systems, working with the supply chain to understand strengths and weaknesses • Recognises this is a ‘moving feast’ with the need for continuous improvement through the monitoring of networks, assessing trends, and responding to changes in needs. What comes next? Freeports are now tasked with developing a business case with the aim to have a detailed draft available for circulation before the end of 2021. Government is keen to launch the first few freeports in the short term and ensure that the programme is up and running and delivering the benefits it promises. For the Thames Freeport, the business case will be the vital tool in setting out its agenda and roadmap for delivery. It is critical that the business case is well developed in articulating: • A clear funding and finance regime — how will the Freeport fund the early stages of its plans and leverage private sector investment alongside investment from Government to allow for quick wins and to demonstrate progress? The funding of infrastructure will also be critical in providing a firm platform for business investment to be encouraged and to establish a wider commitment to understanding how systems of assets work together to deliver economic growth and regeneration for the region. Ultimately, the Freeport strategy must tap into the economic strategy for the wider area • A strategy for howThames Freeport will be delivered and managed — clear governance structures that explain how it will operate but also protect and manage risk so that it can maximise the ability to effectively interact with the regional economy. If this roadmap is successful, this paves the way for further freeports across other parts of the UK with a continued emphasis on inclusive green growth and the creation of opportunities for all to support the economic growth for the area and UK plc. James Brown, Practice Leader for Grant Thornton for the Central and Eastern region, commented: “I am delighted to see the Thames Gateway granted freeport status. When we opened our office in Essex many years ago, we identified the massive potential of the local market into that wider growth corridor and freeport status will only add to that. Businesses will be further encouraged to locate within the area, infrastructure will gain funding, planning processes will be simplified and employment will increase as a result. What’s more it’s a great opportunity for the public and private sectors to work together in delivering real economic and social value and we are proud to be part of that.” Globally, freeports remain popular, with an estimated 3,500 around the world, employing 66 million people. The UK recognises the opportunity to build on the lessons learnt globally and the Thames Freeport has a once-in-a- generation opportunity to deliver, at pace, development centred around regeneration and build upon the long history of maritime trade that the Thames provides to London. History, though, is not enough — the joint commitment of Government and private partners will be critical to utilise their collective experience and skills to unlock this vision and create the economic growth that the freeports concept aspires to achieve. Proportion of employment by sector group Currently, employment in all of the freeports is primarily driven by the service sector. In the case of Thames, the service sector provides 85 per cent of overall employment 100 90 80 70 60 50 40 30 20 10 0 % Solent Liverpool City Region Thames East Midlands Airport Plymouth Felixstowe and Harwich Humber Teesside Employment in tertiary services (Sectors 5–18) (%) Employment in secondary / manufacturing (Sectors 3–4) (%) Employment in primary (Sectors 1–2) (%)