During the visit he was given a report that sets out how 36,000 new jobs will be created when the project is completed, providing some £3.2bn (US$5.09bn) to the UK economy every year.
The 600 hectare London Gateway is a £1.5bn (US$2.4bn) project with more than 300 people currently working on site, predominately in the construction industry. With thousands of jobs expected in the coming years in the ports and logistics sector, it is the largest employment creation project in the UK today.
London Gateway will provide deep-sea port capacity for the next generation of the world’s largest cargo ships, which are up to 400 m long. Dr. Cable said the project would drive forward the international competitiveness of the UK. “The sheer size and scale of this project is staggering. London Gateway will make the UK more attractive to international businesses looking to establish themselves in Europe,” he said.
The new port site will also be home to one of the largest logistics parks in Europe, which will provide UK and international companies with more than nine million square feet of logistics space. By locating logistics centres next to the port, and closer to the biggest UK consumer markets, millions of road miles will be saved each year by reducing the need to transport freight on Britain’s major roads.
Simon Moore, chief executive of London Gateway said, “The closer ports are situated to the markets, the less we need to transport our goods on our busy road network. London Gateway will take cost out of the supply chain and improve the efficiency and competitiveness of the UK.”
More than 25% of dredging and new port land has been completed and construction continues 24 hours a day at the site.