Isle of Wight MP, Bob Seely, is one of eight MPs backing an ambitious bid seeking ‘Freeport status’ in the Solent area.

The bid has been submitted by the Solent LEP in response to the government’s plans to create at least ten Freeports across the UK – something the Mr Seely says he is keen for the Island is a part of.

The Solent Freeport covers an area of approximately 30 miles and the Island’s MP said he worked with the Solent LEP to ensure the overwhelming majority of the IW has been included in the catchment area.

Mr Seely said: "I fully support this bid which, if successful, will help to create jobs, drive investment and regenerate communities. A Solent Freeport would create new opportunities for the Island, boosting our economy at a critical time.

"A Freeport would attract jobs throughout the Island but especially in the Medina Valley area. The benefits would most certainly be felt in IW shipbuilding and in our green industry and composite sectors as well."

Designed to attract major domestic and international investment, areas given Freeport status will benefit from a wide package of tax reliefs, simplified customs procedures, streamlined planning processes to boost redevelopment and government support to promote regeneration and innovation.

If successful, the area covered by the Solent Freeport will be able to retain business rate growth to reinvest locally.

The government is expected to announce which areas have been successful in their Freeport bids later this year.

What is 'Freeport status'?

Freeports are a special kind of port where normal tax and customs rules do not apply.

They are similar to free zones, or 'enterprise zones', which are designated areas subject to a broad array of special regulatory requirements, tax breaks and government support.