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The government has confirmed that it will create new freeports across the UK in 2021.
The Treasury recently outlined the next steps for the creation of freeports, which it hopes will drive investment and create jobs after the end of the Brexit transition period.
The government hopes the new freeports will attract major domestic and international investment. It stated that freeports have been used in countries around the world to drive prosperity and boost trade.
Sea, air and rail ports in England will be invited to bid for freeport status before the end of 2020, the Treasury said. Freeports will benefit from:
- streamlined planning processes to aid brownfield redevelopment
- a package of tax reliefs to help drive jobs, growth and innovation
- simplified customs procedures and duty suspensions on goods.
The government is working with the devolved administrations to seek to establish at least one freeport in each nation of the UK.
'Our new freeports will create national hubs for trade, innovation and commerce, regenerating communities across the UK and supporting jobs,' said Chancellor Rishi Sunak.
'They will attract investment from around the world as we embrace new opportunities following our departure from the EU and will be key drivers for economic recovery as we build back better post-coronavirus.'
The first freeports are set to be open by the end of 2021.