Freeports revealed in the Budget announcement

FTA

UK Chancellor Rishi Sunak unveiled a roster of eight English freeports in the Budget announcement. The freeports will be low-tariff business zones created to stimulate trade and investment in the wake of Brexit and the coronavirus crisis.

One advantage of freeports is that companies operating there are able to import components without tariffs, complete the manufacturing process and then export finished products or sell them in the UK. The initiative will “reinforce our position as an outward-looking, trading nation, open to the world,” Sunak said.

The Chancellor used the Budget to announce the locations of England’s eight new freeports, including: Thames Estuary, East Midlands Airport, Felixstowe and Harwich, Humberside, Liverpool City, Plymouth, Solent and on Teeside.

The new economic zones, which offer tax advantages and customs relief to businesses, will provide an “unprecedented economic boost across the UK”, Sunak said. The sites will be eligible for Stamp Duty and business rates relief, as well as National Insurance relief for employers in some cases.

A further two freeports in the devolved administrations of the UK are still to be announced.

The policy is one of the centrepieces of the government’s bid to level up the UK economy over the coming years. According to the Treasury the freeports will be up and running by the end of the year.

Thames Estuary Envoy, Kate Willard OBE said in a statement, “We are absolutely delighted to have been selected as a freeport location. We believe that the Thames Estuary is the right place to have freeport status, and are so pleased that the government thinks so too.”

Secretary of State for International Trade, Liz Truss, said: “We are taking back control of our trade policy, and opening every corner of the UK to opportunities across the world.

Freeports will unleash the potential of our historic ports, creating jobs and regenerating communities across the UK. These hubs will also deepen partnerships around the world as we restore our economic and political independence.”

The freeports announcement releases innovation, relief and hope amongst the uncertainty of Brexit and the pandemic.

 

To stay up to date on the latest, trends, innovations, people news and company updates within the global trade and logistics market please register to receive our newsletter here.

Media contact

Rebecca Morpeth Spayne,
Editor, International Trade Magazine

Tel: +44 (0) 1622 823 922
Email: editor@intrademagazine.com

Share on facebook
Share on twitter
Share on linkedin
Share on email
Share on print

MORE LATEST NEWS

Latest News

Unique opportunity for change

COVID-19 is proving a catalyst for change in the energy sector, accelerating environmental initiatives. Citi explores how banks have an important role to play in

Latest News

New warehouse racksack and visual aids

Investment in a new Beaverswood racksack system is improving the collection and segregation of waste at one of the UK’s leading packaging, office products and

Latest News

Nexans partners globally with Shippeo

Nexans has signed a long-term partnership agreement with Shippeo, a European leader in supply chain visibility, to implement an innovative new digital service that leverages

Warehouse
Latest News

TT Club highlights significant changes

The latest version of the RHA conditions of carriage (2020)* were released last year, effective 1 September. TT highlights changes to three clauses in particular:

Latest News

Nexans partners globally with Shippeo

Nexans has signed a long-term partnership agreement with Shippeo, a European leader in supply chain visibility, to implement an innovative new digital service that leverages

Latest News

A logistics maturity score

In order to help brands assess their e-Commerce logistics capabilities, leading global logistics provider GEODIS, in collaboration with professional services consultancy Accenture, has devised a