The UK government has stated that it wants to boost the economy post Brexit and believes that one way to achieve this is to establish 10 freeports across the country, which have different customs rules than the rest of the country, that are innovative hubs, boost global trade, attract inward investment and increase productivity.
By doing so, the UK government wants freeports to generate employment opportunities to the benefit of some of our most deprived communities around the UK.
The government has the following objectives for UK freeports:
• Establish freeports as national hubs for global trade and investment across the UK
• Promote regeneration and job creation
• Create hotbeds for innovation
The government has drawn on evidence from freeports around the world to develop a UK freeport model. The proposed model includes tariff flexibility, customs facilitations and tax measures. We are also considering planning reforms, additional targeted funding for infrastructure improvements and measures to incentivise innovation.
To support this work, government is running a formal consultation to understand industry’s thoughts on the UK’s plans for freeports, and feed these into the policy development process.
Horizon International will follow this process closely and keep clients informed as further details emerge.
If you would like to discuss the potential impact and benefits of this initiative with our team of experts, please contact us.