Sunak unveils ‘unprecedented’ free port scheme to boost economy ‘Only possible out of EU’
Budget 2021: Rishi Sunak outlines free port scheme
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Rishi Sunak announced eight locations for freeports in the UK which will not be charging tariffs on goods entering from outside the UK.
He announced East Midlands Airport, Liverpool, Harwich and Felixstowe, Humber, Plymouth, Thames, Teeside and Solent as the new tax-free locations.
Freeports are used around the world as a way to revitalise industry in specific areas and to encourage businesses to relocate or expand to capitalise on less tax.
Tax breaks offered to UK firms in freeports required EU Commission signing off.
There are 24 freeports in the UK currently which are located in places like Manchester Airport and Tees Valley.
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