Boris Johnson launches plans to create tax-haven ‘freeports’ to ‘turbocharge’ blue collar Britain and boost economy
BORIS Johnson is today launching his plans to create ten tax-haven ‘freeports’ to “turbocharge” blue collar Britain.
Downing Street says the move will pump billions into the economy and create many thousands of jobs in Britain’s left-behind communities.
Freeports are that will be exempt from tax and red tape.
They will be set up in the former industrial heartlands and coastal communities as part of No10’s vision to “level up” Britain.
Writing exclusively for The Sun, Treasury Minister Rishi Sunak said the radical plans will see ports reclaim their role as the “beating heart of British business”.
The Tory rising star said: “Without Brussels telling us what to do, we can start doing what’s best for British businesses. We can set the rules to suit our needs.
“If we get this right, businesses inside these zones will boom and become magnets for investment.
“This could lead to thousands of new jobs – and in parts of the country that need them most.”
'Our great ports are a mark of our maritime past'
By Rishi Sunak, Chief Secretary to the Treasury
The great ports of the UK made us one of the richest countries on Earth.
For hundreds of years, they were the beating heart of British business.
Our great ports – from my hometown of Southampton to Teeside to Glasgow – are a mark of our maritime past.
But they are also the gateway to the future.
Now that we’ve left the EU, we’ll depend on our ports more than ever.
They’ll help us reach out into the world and increase trade with countries far beyond the continent. Our ports will prosper once more.
It’s just another part of Britain that will benefit now we have left the European Union.
Across a range of areas, the fog of the last few years is lifting, and dazzling business opportunities are coming into view.
Without Brussels telling us what to do, we can start doing what’s best for British businesses. We can set the rules to suit our needs.
If we get this right, businesses inside these zones will boom and become magnets for investment.
This could lead to thousands of new jobs – and in parts of the country that need them most.
In many parts of the world these areas – called Freeports – are the norm.
The USA has plenty, including in Boston and Seattle, where Freeports have attracted manufacturers and increased numbers of high-paying jobs.
So why are we late to the party? The answer should by now be obvious: while we’ve always had the ports, only now do we have the freedom.
By leaving the EU, we will be able to take control of our trade policy and Freeports are a significant part of this - helping us level up communities across the nation.
So today we’re launching a consultation to understand how we can get the most from Freeports.
After that’s over, we’ll invite bids from rail ports, sea ports and airports that want to become Freeports, and select the best in a fair competition.
By next year, the first Freeports will be in operation, bringing trade, jobs and investment to regions in need of regeneration.
They’ll show the best of this new Britain – a country that welcomes the best bits of globalisation, trusts in trade and is committed to levelling up every inch of the land.
Companies in freeport zones will pay low taxes and not have to pay import duties on raw materials.
While many freeports are expected to be by the coast, the zones may also be located inland to boost Britain’s industry.
Potential sites include Belfast, Liverpool and Teesside.
The Treasury wants to get the zones up and running next year, when Britain fully quits all the EU’s rules.
Planning red tape will be torn up to speed up the development of the new free trade zones.
While the areas around the freeports will also get big cash injections to kick start regeneration.
Ministers are launching a consultation with businesses and areas about the plans.
Meanwhile, Boris is expected to finally give HS2 railway link the go-ahead this week.
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The future of the railway project had been hanging in the balance as its estimated costs spiralled to over £100billlion.
But the PM is expected to give the green light to the first phase of the link from London to Birmingham while reviewing the second leg to Leeds and Manchester.
It comes amid reports Sajid Javid is considering unimposing a “mansion tax” on wealthy homeowners and a tax raid on higher earners in next month’s Budget as the government focuses on helping blue collar Britain.
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