What Are Freeports? Sunak Announces 8 Freeports Locations in England

Chancellor of the Exchequer Rishi Sunak announces location of eight new freeports in England.

Sunak speaks in Parliament: Freeports will be in East Midlands Airport. Felixstowe and Harwich, Humber, Liverpool City Region, Plymouth, Solent, Thames and Teesside

Sunak: “Freeports are special economic zones with different rules to make it easier and cheaper to do business. They’re well-established internationally, but we’re taking a unique approach. Our Freeportswill have: simpler planning – to allow businesses to build; Infrastructure funding – to improve transport links; Cheaper customs – with favourable tariffs, VAT or duties; And lower taxes – with tax breaks to encourage construction, private investment and job creation. An unprecedented economic boost across the U.K.”

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