Freeports to enable ‘regeneration drive’
Part of this week’s Budget announcement included plans for new freeport hubs – creating thousands of new jobs and boosting investment in the UK.
New freeport hub plans can now move forward at East Midlands Airport, Felixstowe and Harwich, Humber, Liverpool City Region, Plymouth, Solent, Thames and Teesside.
The free trade zones are designated areas where the normal tax and tariff rules do not apply. This allows goods to be imported, manufactured and re-exported without being subject to checks, paperwork, or import taxes.
Chancellor Rishi Sunak said that Teesside freeport alone could create18,000 jobs over the next five years and increase inward investment by £1.4bn.