Page 29 - ஒன்றுபட்டது கிஂக்டம் உள்கட்டமைப்பு வங்கி News Today : Breaking News, Live Updates & Top Stories | Vimarsana
Sunak Budget: Eight freeports announced for UK
walesonline.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from walesonline.co.uk Daily Mail and Mail on Sunday newspapers.
Budget 2021: Rise in corporation tax and freeze on thresholds as Rishi Sunak tries to recover COVID debt
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The announcement, which could potentially boost investment, comes only weeks before the local and mayoral elections, with the Tories looking to hang on to the Tees Valley mayoral seat, currently held by Ben Houchen, in May.
Chief Secretary to the Treasury Stephen Barclay, quizzed about freeports by MPs last month, said he had expected the locations to be announced in the spring , with the first freeports ideally . operational by the end of the year .
The freeport model works by allowing companies to import goods tariff-free and only paying once it is sold into the domestic market, or exporting the final goods without paying UK tariffs.
Rishi Sunak announces locations of eight new freeports in a bid to boost international trade
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£12bn capitalisation confirmed for Leeds-based Infrastructure Bank
Creation of the UK’s first Infrastructure Bank will unite the private sector and local government in a shared mission to accelerate investment in the country’s infrastructure, according to chancellor Rishi Sunak.
During his Budget speech, Sunak discussed the importance of rebuilding the economy post-Covid and said: “This future economy won’t be created in any one Budget but today we lay the foundations. Our future economy needs investment in green industries across the UK, so I can announce today the first ever UK Infrastructure Bank.
“Located in Leeds, the bank will invest across the UK in public and private projects to finance the green industrial revolution and starting this spring with an initial capitalisation of £12bn and we expect it to support at least £40bn in total investment in infrastructure.”