New Freeports will “turbo-charge post-Brexit trade”, government claims

The government has today (7 October) set out further details around the creation of a number of Freeports across the UK to create jobs, drive investment and regenerate communities.

Responding to the consultation on the proposals, the government confirmed that sea, air and rail ports in England will be invited to bid for Freeport status before the end of the year, with the government aiming for the first of the new sites to be open for business in 2021.

It also confirmed the Freeports will benefit from streamlined planning processes to aid brownfield redevelopment; a package of tax reliefs to help drive jobs, growth and innovation; and simplified customs procedures and duty suspensions on goods.

Seizing on the opportunities presented by leaving the EU, the government confirmed Freeports will be created across the UK to help drive Britain’s post-Brexit growth.

Designed to attract major domestic and international investment, the hubs of enterprise will allow places to carry out business inside a country’s land border but where different customs rules apply. They have been successfully used in countries around the world to drive prosperity and boost trade.

Chancellor Rishi Sunak, said: “Our new Freeports will create national hubs for trade, innovation and commerce, regenerating communities across the UK and supporting jobs.

“They will attract investment from around the world as we embrace new opportunities following our departure from the EU and will be a key driver for economic recovery as we build back better post coronavirus.

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“The government is working constructively and collaboratively with the devolved administrations to seek to establish at least one Freeport in each nation of the UK.”

Responding, Zoe McLernon, multi-modal policy manager at Logistics UK said: “We are pleased to see the government progress its plans to establish Freeports across the UK; these sites have the potential to unlock significant opportunities for international trade post-Brexit.

“We called for an ambitious customs model, measures to speed up planning processes, and a commitment to geographic flexibility and opportunities for all transport modes – all of which have been included in the plans. We will continue working with government to ensure their establishment delivers the best outcome for logistics and the wider economy.”

At the centre of the new Freeports policy is a new customs model, drawing on international best practice. The flexible model will improve upon both the UK’s existing customs arrangements and the Freeports the UK had previously.

The government will also introduce a package of tax reliefs on investment by businesses within Freeport tax sites, new measures to speed up planning processes to accelerate development in and around Freeports and new initiatives to encourage innovators to generate new ideas to create additional economic growth and jobs.

A firm can import goods into a Freeport without paying tariffs, process them into a final good and then either pay a tariff on goods sold into the domestic market, or export the final goods without paying UK tariffs.

Freeports will be selected through a fair, transparent and competitive process, the government added, and will be expected to collaborate closely with key partners across the public and private sectors.

The post New Freeports will “turbo-charge post-Brexit trade”, government claims appeared first on Motor Transport.

The government has today (7 October) set out further details around the creation of a number of Freeports across the UK to create jobs, drive investment and regenerate communities. Responding to the consultation on the proposals, the government confirmed that sea, air and rail ports in England will be invited to bid for Freeport status before the end of the year, with the government aiming for the first of the new sites to be open for business in 2021. It […]
The post New Freeports will “turbo-charge post-Brexit trade”, government claims appeared first on Motor Transport.Read More

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