10 innovative new Freeports across the UK

Up to 10 new innovative Freeports will be opened across the UK as the government seeks to level up the country and seize on the opportunities leaving the EU has presented.

A consultation has been launched setting out the Government’s vision for Freeports, with the aim of announcing the location of the new zones at the end of this year so they can be open for business in 2021.

Freeports will boost trade, jobs and investment with a view to building innovative business clusters that benefit the local area as part of the government’s commitment to level up every nation and region.

Benefits of the 2020 Freeports model could include: goods brought into a Freeport do not attract tariffs until they leave the Freeport and enter the domestic market; no duty is payable if they are re-exported; when raw materials are imported and processed into a final good, duties are only paid on the final good; Freeports could be located inland as well as adjacent to ports. This can reduce relocation or investment costs for existing manufacturing sites near ports; and a full customs declaration would not be required to move goods into a Freeport. This saves businesses time and makes it easier to import goods.

Rishi Sunak, Chief Secretary to the Treasury, said: “Freeports will unleash the potential in our proud historic ports, boosting and regenerating communities across the UK as we level up. They will attract new businesses, spreading jobs, investment and opportunity to towns and cities up and down the country. This is all part of our mission as an open, outward-looking country, championing global free trade with vibrant Freeports that work for all of the UK.”