Written question WQ93566
- Asked by
- Paul DaviesConservative
- To be answered by
- Cabinet Secretary for the Economy, Transport and North Wales
- Tabled
- Due
- Answered
- Time to answer
- 7 days
Question
Will the Cabinet Secretary provide an update on the development of the Celtic Freeport?
Answer
Answered by Cabinet Secretary for the Economy, Transport and North Wales
The Celtic Freeport’s Outline Business Case (OBC) was submitted in January 2024, following which a joint assessment was carried out by the UK Government and Welsh Government. Feedback was provided to the Freeport consortium, who resubmitted their OBC in April to address areas requiring improvement.
The general election delayed the final sign-off of the OBC by both governments and the subsequent legislative processes for designation of tax sites. We hope to restart this process with the new UK Government soon, following which the Freeport will be formally asked to produce a Full Business Case (FBC). Agreement of the FBC is expected to lead to the signing of a Memorandum of Understanding and the release of up to £25m seed capital.