Understand Chancellor & PM met yesterday on subject of Freeports ahead of Budget
Applicants expecting announcement at next week’s Budget, after relatively quick process.
Locations to get tax breaks on biz rates, capital allowances, NI, as well as operating before customs border
Applicants expecting announcement at next week’s Budget, after relatively quick process.
Locations to get tax breaks on biz rates, capital allowances, NI, as well as operating before customs border
Around two to three dozen applicants from ports (sea and air) were received by the deadline this month. Govt want to get them going this year.
Not mainly a Brexit thing (indeed one of the most famous examples is the art/ wine storehouse in Luxembourg, which HMT don’t want to do)
Not mainly a Brexit thing (indeed one of the most famous examples is the art/ wine storehouse in Luxembourg, which HMT don’t want to do)
The other issue is displacement - will these facilities merely shift production within the country from non free ports. As Tees Mayor Houchen just told Nick, they have to be concentrated in specific product areas.
This issue will weigh heavily tho , particularly re rejected bids
This issue will weigh heavily tho , particularly re rejected bids
The other draws for applicants were a roughly £25m per planned port capital fund, and fast track planning too.
The objective is to jump start manufacturing and assembly for onward export, and allow processing/ inversion (to lower tariff codes).... UK tariffs already low though.
The objective is to jump start manufacturing and assembly for onward export, and allow processing/ inversion (to lower tariff codes).... UK tariffs already low though.
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