Devon to get 'freeport' in Budget splurge

Rishi dishes cash

Chancellor Rishi Sunak has sunk billions of pounds into reviving the economy, a year on since the start of the pandemic.

The UK has been one of the worse hit developed countries for the impact on covid on public health and the economy, and Wednesday's Budget was the government's opportunity to fix some of the damage to the latter.

Extension of furlough, which keeps employees on companies' payroll, continues until the end of September, with companies making higher payments in the last three months, an initiative that was widely leaked.

The chancellor announced eight 'freeports' across England, which give tax breaks to businesses as well as customs benefits and the hope of new  jobs. In the words of the Conservative party the ideas is: "to regenerate regions across the country that need it most." One will be the 'Plymouth and South Devon Freeport,' which could open at the end of the year.

The UK had seven freeports between 1984 and 2012.

Torbay and Torridge each receive £150,000 to help them work up applications as 'priority places' under the Levelling Up Fund for town centre and high street regeneration, local transport projects and cultural and heritage assets.

Torridge and West Devon are also on the priority list for a Community Renewal Fund. 

The Budget also unlocks more than £40million to reinstate passenger services on the Okehampton to Exeter rail line, subject to final approval of costs and contracts. 

Exeter Chamber of Commerce said: "The announcements today are reassuring, in particular the extension of the furlough scheme until the end of September with employers asked to contribute to workers' salaries from July.

"The announcements of the targeted sector 'restart' grants for hospitality and retail are welcome and needed. It remains to be seen if the cash injections will be sufficient to protect some of the hardest hit businesses but a move in this direction is significant and recognises that these sectors have been particularly badly hit by the continued restrictions. Key to this support scheme is the speed with which grants will be delivered to the businesses that so desperately need them. We can't afford delays. 

"We're pleased to see the self-employment income support scheme extended to include those who became self-employed during 2019-20. Although late in coming, this announcement will come as a huge relief to many. 

"Despite the continuing safety net of furlough, unemployment is still a huge concern and we'll be doubling down in our efforts to support and connect people across Greater Exeter to minimise the impacts that this will have. Exeter Works, a partnership with Exeter City Council and the Chamber is just one initiative that aims to connect employers with job seekers. We'll also be continuing to support the Kickstart scheme which helps under 25s into employment and the Restart scheme, for those over 25 and unemployed, when it goes live later this year."