Labour accuses Government of âcatastrophicâ freeports blunder, saying they could be excluded from UK trade deals
Smallprint could mean firms based in freeports might not benefit from post-Brexit deals
11:07, 10 MAY 2021
Updated
Sign up to FREE email alerts from
BusinessLive -
Subscribe
When you subscribe we will use the information you provide to send you these newsletters. Your information will be used in accordance with ourPrivacy Notice.
Thank you for subscribingWe have more newslettersShow meSee ourprivacy notice
The Government has been accused of a potentially catastrophic blunder with its freeport plans, amid claims companies based within them could miss out on new trade deals.
Manufacturers based in Boris Johnson’s new freeports will not be able to enjoy the full benefits if they are exporting to a series of countries with which the UK has signed post-Brexit trade deals.
The Prime Minister and Chancellor Rishi Sunak have championed freeports – special economic zones offering tax breaks and lower tariffs – as a part of the Government’s “levelling up” agenda to spread economic growth and jobs across the country.
But Labour said a “catastrophic blunder” means manufacturers operating within freeports could face tariffs on their exports to key markets including Switzerland, Canada, Norway and Singapore, despite the UK’s free trade agreements with those countries.
Manufacturers based in Boris Johnson’s new freeports will not be able to enjoy the full benefits if they are exporting to a series of countries with which the UK has signed post-Brexit trade deals.
The Prime Minister and Chancellor Rishi Sunak have championed freeports – special economic zones offering tax breaks and lower tariffs – as a part of the Government’s “levelling up” agenda to spread economic growth and jobs across the country.
But Labour said a “catastrophic blunder” means manufacturers operating within freeports could face tariffs on their exports to key markets including Switzerland, Canada, Norway and Singapore, despite the UK’s free trade agreements with those countries.
Manufacturers based in Boris Johnson’s new freeports will not be able to enjoy the full benefits if they are exporting to a series of countries with which the UK has signed post-Brexit trade deals.
The Prime Minister and Chancellor Rishi Sunak have championed freeports – special economic zones offering tax breaks and lower tariffs – as a part of the Government’s “levelling up” agenda to spread economic growth and jobs across the country.
But Labour said a “catastrophic blunder” means manufacturers operating within freeports could face tariffs on their exports to key markets including Switzerland, Canada, Norway and Singapore, despite the UK’s free trade agreements with those countries.
Catastrophic freeports blunder denied by UK Government
Manufacturers operating within freeports could face tariffs
A cargo ship arrives at The Port of Liverpool on the river Mersey, which was granted freeport status, following the Chancellor Rishi Sunak s budget announcement. Other new freeports include; East Midlands Airport, Felixstowe & Harwich, Humber, Plymouth and South Devon, Solent, Teesside, and the Thames.
There are always big stories on WalesOnline - don t miss any with our daily emailInvalid EmailSomething went wrong, please try again later.
Sign me up now
When you subscribe we will use the information you provide to send you these newsletters. Your information will be used in accordance with ourPrivacy Notice.