Ynys Môn MP Virginia Crosbie has won her battle to extend tax reliefs for freeports from five years to 10 years.
The Chancellor made the announcement in the Autumn statement following several conversations with Virginia over the issue.
“Following tenacious representations from my honourable friend the Member for Ynys Môn - no Chancellor’s speech would be complete without a mention of my hon. Friend I have today decided to extend...the tax reliefs for freeports from five years to 10 years,” Jeremy Hunt said.
Welcoming the news Virginia said the extension would need approval by the Welsh and UK governments and she vowed to work with both for the good of the island and its freeport status.
“I am delighted that the Chancellor has today confirmed that the UK Government will extend Freeport tax reliefs.
“The extension is vital to ensure businesses have the confidence to invest for the long-term. I am determined to work with the Chancellor and Welsh Government to ensure these benefits are extended to Anglesey Freeport, which is already poised to create thousands of new, high skilled, high wage jobs for communities across North Wales.”
Virginia has been a fervent champion of the freeport because of the jobs and investment it will bring to the island after years of neglect.
