Editor in Chief: Moh. Reza Huwaida Tuesday, July 14th, 2020

Post-Brexit UK to Announce 10 New Free Ports

Post-Brexit UK to Announce 10  New Free Ports

LONDON - With Brexit done, the United Kingdom plans to announce the location of up to 10 new free ports - scheduled to begin operating in 2021 - by the end of this year, the government said.
As the UK develops its own trade policy for the first time in decades after leaving the European Union at the end of January, the government has launched a 10-week consultation setting out its plans for the free ports, also known as free trade zones.
Once the consultation is completed, sea, air and rail ports will be able to bid for free port status.
"Freeports will unleash the potential in our proud historic ports, boosting and regenerating communities across the UK," Chief Secretary to the Treasury, Rishi Sunak, said in a statement.
"They will attract new businesses, spreading jobs, investment and opportunity to towns and cities up and down the country."
Free ports are areas where imported goods can be held or processed free of customs duties before being exported again. They can also be used to import raw materials and make finished goods for export.
The government said it was considering tax measures aimed at increasing investment in infrastructure, construction and machinery in free ports to raise productivity. It could also use tax changes to reduce the costs of hiring workers in free port sites, it said.
Prime Minister Boris Johnson will announce the UK's first post-Brexit budget on March 11, which his administration has signalled will include a boost in infrastructure spending.(Aljazeera)