It is among the first of eight freeports to be given the full green light, enabling applicable businesses to join and take advantage of the freeport status.

The Plymouth and South Devon freeport will now receive up to £25m in seed funding to help boost investment and support the growth of regional businesses.

Freeports benefit from a range of measures, including tax reliefs, customs advantages, business rates retention, planning, regeneration and trade and investment support.

Tax incentives will include enhanced capital allowances, relief from stamp duty land tax and employer national insurance contributions for new employees.