UK Government Invites Bidding For Post-Brexit Free Port Scheme
(Alliance News) – Proposals to develop up to 10 new free ports in the UK have taken a step closer with the Treasury inviting applications for the scheme. Areas selected will benefit from a range of tax reliefs, including on the purchase of land, and the programme will create thousands of jobs, the treasury said. The bidding for free ports opens on Monday for seven spots in England, with the first expected to open in 2021.
The free port model works by allowing companies to import goods tariff-free and only paying once it was sold into the domestic market, or exporting the final goods without paying UK tariffs. The UK has had seven free ports in its history, but none since 2012 when the Statutory Instruments which allowed ones in Liverpool, Southampton, Port of Tilbury, Port of Sheerness and Prestwick Airport, expired. Chancellor Rishi Sunak said: “Our new free ports will create national hubs for trade, innovation and commerce, levelling up communities across the UK, creating new jobs, and turbo-charging our economic recovery.
“As we embrace our new opportunities as an independent trading nation, we want to deliver lasting prosperity to the British people and free ports will be key to delivering this.” source: PA Copyright 2020 Alliance News Limited.
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