Jonny Ingbar
Well-known member
Because Sunak keeps telling us that it is.
I'm prepared to be educated, but what tangible benefit have we seen?
I'm prepared to be educated, but what tangible benefit have we seen?
Has the Freeport been a "Huge success"?
- Thread starter Jonny Ingbar
- Start date
Cardiffdaffs
Well-known member
Clearly utter PR bollox to suggest it is and he has no proof that it has either.
Fat_Dragon
Well-known member
Too early to say its been a success. Ask the same question again in a few years.
ThatFragranceGuy
Well-known member
When they're conveniently out of power and it's labours fault
NorthumberlandBoro
Well-known member
A project half way through never looks like a success.
Jonny Ingbar
Well-known member
That was my view, I'm sceptical but recognise it's far too early to judge.
How can Sunak suggest it's been a "Huge success", it's utter bull****, surely.
Fat_Dragon
Well-known member
Think there is a General Election around the corner.
HarryVegas
Well-known member
As real as "Labour's meat tax". But it's been a very real benefit for the business men who bought the land for £96 and sold it on for.... what was it, £20 million?
Norman_Conquest
Well-known member
Ask Chris Musgrave and Martin Corney's accountants if it's been a success.
SilentProf
Well-known member
Have they actually sold it? I thought they had leased the land out and then sold the rights to the lease money for a lump sum payment while retaining ownership of the land?
ThePrisoner
Well-known member
You're not making it sound any better
Unravel_Morrison
Well-known member
It's murky as hell and what Houchen says doesn't add up. Which is pretty standard as he is a massive liar.
So the developers have sold the rights for the SeAH land for lease for 40 years for tens of millions of pounds.
That leaseholder then leases it back to the local authority for £3.65m a year who then lease it to SeAH for £650K profit so £4.3m a year.
Apparently SeAH will also pay business rates of £7m a year on this, which makes me wonder what the Freeport benefit is as that's equivalent to around 20-25% of the current Redcar and Cleveland Council business rates revenue.
I don't believe that figure. 2 reasons - firstly business rates aren't that high - I don't see how you square them being a quarter of the total of the expected total take from the site eventually. Secondly it's all a bit fake anyway. The government will be paying their rates for them until 2035 and under the Freeport deal, the council only gets half the money.
So the developers have sold the rights for the SeAH land for lease for 40 years for tens of millions of pounds.
That leaseholder then leases it back to the local authority for £3.65m a year who then lease it to SeAH for £650K profit so £4.3m a year.
Apparently SeAH will also pay business rates of £7m a year on this, which makes me wonder what the Freeport benefit is as that's equivalent to around 20-25% of the current Redcar and Cleveland Council business rates revenue.
I don't believe that figure. 2 reasons - firstly business rates aren't that high - I don't see how you square them being a quarter of the total of the expected total take from the site eventually. Secondly it's all a bit fake anyway. The government will be paying their rates for them until 2035 and under the Freeport deal, the council only gets half the money.
Ignoring the whole Musgrave/Corney situation, as there is clearly questions to be asked there, the freeport appears to have been a success doesn't it?
The first phase of the new quay is almost complete with plans for the second phase next year.
Seah Monopile factory is well on the way, currently in excess of 300 persons on siite.
Other projects on the horizon with the new hydrogen plant sounding like it is progressing.
Not sure whether these are all due to it being a freeport or not but the Teesworks redevelopment seems to be moving on nicely.
The first phase of the new quay is almost complete with plans for the second phase next year.
Seah Monopile factory is well on the way, currently in excess of 300 persons on siite.
Other projects on the horizon with the new hydrogen plant sounding like it is progressing.
Not sure whether these are all due to it being a freeport or not but the Teesworks redevelopment seems to be moving on nicely.