Free Ports what are they?

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  • #129295 Reply

    I’ve been hearing a lot of Tory chatter over the last year so about Free Ports but hadn’t really thought too much about them. As we are about to leave the EU, OK we’ve already left, it looks like these will be offered around the country.

    I will be looking at the pros and cons of these proposals but would be glad to hear from anyone who knows a bit about the idea.

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  • #129314 Reply

    What is a Freeport?

    1.1 In the Freeport’s consultation document, the government explained how Freeport’s around the world operate as secure customs zones, usually located at ports, where business can be carried out inside a country’s land border, but where different customs rules apply.

    Secure Freeport customs sites will enable UK businesses to access a range of benefits to boost their international competitiveness in a high productivity cluster.

    1.2 The government also highlighted that countries around the world had adapted this basic model by adding different elements to create their own bespoke Freeport’s based on the Special Economic Zone (SEZ) concept. Each combines a mixture of customs flexibilities,to provide relief from duties, import taxes and administrative burdens; tax measures to incentivise private investment; regulatory flexibilities; and investment in infrastructure, all concentrated in the geographical area around the Freeport.

    1.3  The government signalled its intention to draw on the best of these examples and design a bespoke, world-leading UK Freeport model aiming to achieve three objectives:•

    .Establish Freeport’s as national hubs for global trade and investment across the UK

    •Promote regeneration and job-creation

    •Create hotbeds for innovation

    1.4 Moreover, the government proposed combining five sets of measures –customs, tax reliefs, planning, regeneration funding, and innovation –to achieve these objectives by encouraging the maximum number of businesses to open, expand and invest in our Freeport’s.

    1.5 The government has carefully considered the hundreds of responses received about this model and will now set out in greater clarity our intentions for Freeport’s across the UK.

    Please read the full document here

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    #129317 Reply

    Just as I suspected joss 😂

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