The announcement that the Humber is receive freeport status has been described as a 'fantastic show of confidence' in North Lincolnshire and its people.
Its expected thousands of well-paid, sustainable jobs will be created across North Lincolnshire with the development of the Freeport - one of eight across the country.
The announcement was made by Chancellor of the Exchequer Rishi Sunak MP in his budget, which also included cash to help develop Scunthorpe town centre and fund Able Marine Energy Park (AMEP) at Killingholme.
Freeports are special economic zones with different rules to make it easier and cheaper to do business. They include infrastructure planning, customs and favourable duties and taxes.
Cllr Rob Waltham, leader, North Lincolnshire Council, is co-chair of the steerco which submitted the bid and chair of the Humber Leader’s Board. He said he was 'delighted' with the news.
Freeport status will provide greater security for the future of steel making in Scunthorpe as British Steel is allocated as a special “customs” site which will create the conditions to develop a greater competitive edge in global markets.
Hull North MP Diana Johnson said she was 'delighted' that both sides of the Humber were included in the Humber scheme.
In a further boost to the local economy, North Lincolnshire has also benefitted as the ABLE Marine Energy Park – the last deep water port on the river – will be designated as a "tax site” along with the Hull East Cluster and Goole J36 industrial area.