Britain plans 10 free ports

Britain plans 10 free ports

- a full customs declaration would not be required to move goods into a Freeport.

However, Michel Barnier, the EU's chief Brexit negotiator, has emphasized that for the European Union to offer a "highly ambitious trade deal" with Britain, Britain needs to agree to "specific and effective guarantees to ensure a level playing field" to ensure competition "is and remains open and fair".

Increase investment in infrastructure, construction and machinery in Freeports to raise productivity.

Once the consultation between government authorities will be finished, sea, air, and rail ports will start bidding for free port status.

Freeports will "unleash the potential of our historic ports, creating jobs and regenerating communities across the UK", Truss said.

"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".

The government is also considering tax incentives, supposedly to encourage investments in free port areas.

BREXIT 2020
Britain plans 10 free ports

When raw materials are imported and processed into a final good, duties are only paid on the final good. It is also possible that with these taxes the costs of hiring workers can be reduced as well.

Ministers said the initiative, which was first paraded by Prime Minister Boris Johnson during his Tory Party leadership campaign past year, would increase trade opportunities around the world after Brexit.

The development of Freeports will create innovation hubs across the United Kingdom, generating new ideas in a whole host of United Kingdom sectors, from customs to transport to decarbonisation.

By boosting spending in northern England and the Midlands, Johnson is looking to reduce regional disparities and reward areas where lifelong Labour supporters backed his Conservatives in the election. Generally, the investment implies 40 million pounds ($52m) to be spent on 5G wireless networks in rural areas and investment in mass transit.

What is a "free port"?

The UK government has begun a consultation to inform its freeports policy, aiming to create up to 10 freeports, which will have different customs rules than the rest of the country, in an aim to boost economic activity post-Brexit. The European Commission said past year that free ports were vulnerable to money laundering or terrorism financing.

"This is all part of our mission as an open, outward-looking country, championing global free trade with vibrant free ports".

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