Labour accuses minister of âcatastrophic blunderâ over Freeports - but mayor says Teesside will NOT be affected
Teesport MANUFACTURERS based in 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. It was announced the Tees Valley Mayor had been successful for a Freeport bid in Teesside at the last Budget.
Government denies catastrophic blunder but freeport firms will have to pay tariffs to 23 countries
Firms in freeport zones like Teesside will face tariffs on exports to certain countries, Labour says - Government says such deals are common
Updated
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The Government has denied making a catastrophic blunder over its freeports plan - after it emerged companies within the special zones will face tariffs on exports to some 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.
5/10/2021 4:18:54 AM GMT | By Anil Panchal
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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.