When Chancellor Rishi Sunak awarded Teesside freeport status in his March Budget, it marked a seminal moment for the Tees Valley’s industrial landscape, which promises to deliver seismic economic and employment change.

According to findings from the Tees Valley Combined Authority*, Teesside’s new freeport holds the potential to create more than 18,000 skilled jobs over the next five years, while adding £3.2 billion to the local financial landscape.

Here we explain what a  freeport is and explore, with the help of business leaders operating in the region, how these anticipated gains can be delivered.

Participating in the report were, Rachel Anderson, assistant director policy, North East England Chamber of Commerce, Richard Ballantyne, chief executive, British Ports Association, Simon Crowe, director, Corstorphine + Wright Architects, Stephen Hall, senior partner, Deloitte, Richard Hogg, chief executive, Jackson Hogg, Jerry Hopkinson, chief operating officer and vice chairman, PD Ports, Ben Houchen ,Tees Valley Mayor, Andrew Koss, chief executive UK and Middle East, Sembcorp, Andy Radcliffe, chief executive, Esh Group, Tom Russell, UK operations manager, TMD Friction and Peter Snaith, partner and head of manufacturing, Womble Bond Dickinson, John Duns, North East Times, Ally Nimmo, chair.