The Full Business Case

Introduction

The Full Business Case (FBC) responded to a specific set of Freeport guidance and criteria which shaped how the opportunity could be developed. We were required to present our vision in accordance with the HMT Treasury Green Book structure which is based on five ‘cases:’

• The Strategic Case – demonstrating that the intervention is needed;
• The Economic Case – demonstrating that the intervention provides Value for Money;
• The Financial Case – demonstrating that the intervention is affordable:
• The Commercial Case – demonstrating that the intervention is viable; and.
• The Management Case – demonstrating that the intervention is deliverable.

As part of this process, we were required to model and master-plan likely scenarios for each tax and customs site included within the submission, making assumptions about how they could be brought forward. A number of options were explored for each site. In some cases, our assumptions were based on existing plans for redevelopment. In other cases, assumptions were more speculative, based on potential operations suited to the Freeport offer, our sectoral focus, likely market demand and interest expressed by potential investors as opposed to firm commitments.

Importantly, these assumptions fed into the modelling which underpins the economic and financial cases presented within the FBC. This modelling also forecasts the potential outcomes that could be unlocked through the Freeport which may be achieved to a greater or lesser extent.

In order to make a compelling case for Freeport designation, the business case that was submitted to Government followed a prescribed template that was by necessity very detailed and also contained a range of commercially sensitive information. These summaries provide a more digestible overview of the business case with commercially sensitive information removed. It should also be noted that the material presented, including all cost assumptions, was accurate at the time of submission (April 2022). The summaries have not been updated since then. We have moved forward on a number of core activities through our mobilisation phase which are not reflected in the summaries, with the Freeport Company and associated board structures having now been established. This has enabled us to start building on the hard work that went into securing Freeport designation, working with our partners to leverage exciting new opportunities for the area. 

The Plymouth and South Devon Freeport Full Business Case can be downloaded as below. Please note commercially sensitive details have been removed.