The chancellor has officially announced plans to set up post-Brexit “freeports” in Britain — special low-tax business zones aimed at attracting international trade to the UK.
Rishi Sunak on Tuesday said the bidding process to become a freeport will be launched before the end of the year. Airports, rail hubs, and sea ports will all be eligible to apply for the status and the government is hoping to establish at least one freeport in each nation of the UK.
“Our new Freeports will create national hubs for trade, innovation and commerce, regenerating communities across the UK and supporting jobs,” Sunak said in a statement.
Freeports are special trade zones that do not function under the same tax rules as the rest of a nation. British freeports will enjoy simplified customs procedures and tax breaks on goods passing through.