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Robert.Jervis_43227 Feb 10

Freeports update…

Freeports update… image
Chancellor of the Exchequer, Rishi Sunak, has announced a ten-week consultation to rapidly establish ten freeports across the UK, covering sea, air, and rail ports
The ports, once designated as free, will have no domestic taxes levied on any goods within them. Taxes will only be levied when a product leaves the freeport, and enters the rest of the UK…

This has the effect of encouraging international business to come to the UK to process or store goods with little to no red tape, bringing jobs and investment in the mainly coastal communities that have been neglected during the UK’s membership of the EU. Ten are set to be designated by the end of the year.

Industry leaders have already started lobbying for freeport status…

A large North East ‘Virtual Freeport’:

The Port of Tyne, along with the Port of Blyth, Nissan, the British Ports Association and the North East Local Enterprise Partnership, has been pushing for a large North East ‘virtual freeport’.

CEO of Port of Tyne Matt Beeton commented:

“A free trade zone targeted at growing the region's advanced manufacturing and renewable energy clusters would boost global trade across key North East locations, helping to secure many existing supply chains and attracting many more into the region from overseas.
 
“Utilising best practice from many other global ‘virtual freeports’ and the complex supply chain expertise within the region, we will continue to progress a multi-site zone connected by supply chain technology.
 
“Our recently opened 2050 Innovation Hub, together with our expanded, globally connected container terminal, streamlined customs systems and substantial developable land mean our operations are ideally suited to support existing or new manufacturing and processing business opportunities.”

Freeports in London and Scotland:

Chief Executive of the Forth Ports Group Charles Hammond said:

“Our network of international connections, streamlined customs systems and developable land close to key markets in the Central Belt of Scotland, Greater London and the South East mean our operations are ideal locations to support existing or fresh manufacturing and processing business opportunities.”

An Atlantic freeport in Wales’ Haven Waterway:

Andy Jones, Chief Executive of Wales’ largest port, Milford Haven said:

“A free trade zone covering the international businesses on the Haven Waterway will help them maintain competitiveness in a global marketplace. Our proposition will boost our unique engineering, fishing, marine renewable energy and oil and gas cluster for future generations.”

Source: Guido Fawkes