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Charlotte Stonestreet
Managing Editor |
Freeports Advisory Panel set up
06 August 2019
A new Freeports Advisory Panel has been set up to advise the government on the establishment of up to 10 Freeports after the UK leaves the EU on 31 October.
Freeports are hubs for business and enterprise for both manufacturing and services trade. These could be free of unnecessary checks and paperwork, and include customs and tax benefits. These zones are intended to reduce costs and bureaucracy, encouraging manufacturing businesses to set up or re-shore. The most successful Freeports globally are reported to attract businesses and create jobs for local people through liberalised planning laws.
According to the Government, Freeports will ensure Britain’s port cities and airports are ready to take full advantage of post-Brexit opportunities, including increased trade with the USA and fast-growing Asian markets as the UK signs it first free trade deals with global partners.
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