The 海角视频 Government has launched a consultation to look into the creation of new national hubs of business and enterprise based at freeports.
The Secretary of State for Wales Simon Hart visited Milford Haven Port Authority to discuss the freeport consultation. The Government believs the hubs will create thousands of jobs, regenerate communities and turbocharge Britain’s growth.
Up to 10 new innovative freeports will be opened across the 海角视频 as the 海角视频 Government seeks to “seize on the opportunities leaving the EU has presented”.
The consultation has been launched with the aim of announcing the location of the new zones at the end of next year so they can be open for business in 2021.
Mr Hart said: “The development of freeports will create innovation hubs across the 海角视频, generating new ideas in a whole host of 海角视频 sectors from customs to transport to decarbonisation.
“A freeport in Wales could create hundreds of jobs and facilitate significant regional economic growth. That is why I urge businesses to engage with our consultation and help us to unleash our potential in innovation, investment and growth. Working closely with the Welsh Government and businesses, we will ensure that the whole of the 海角视频 can feel the benefits as this government delivers its manifesto commitments.”
Tory minister says tx avoidance claims are a 'red herring'
A senior Treasury minister has defended plans to introduce up to 10 new freeports across the country, dismissing allegations they will boost tax avoidance as a “red herring”.
The Government says the ports, where 海角视频 taxes and tariffs will not apply, will create thousands of jobs, but there are concerns they can be used to dodge tax.
Chief secretary to the Treasury Rishi Sunak denied the plan will facilitate tax avoidance, and said a US trade boss reassured them they are safer than other ports.
“I absolutely don’t think they do and obviously you have stringent rules,” the Tory minister told Sky News yesterday.
“It’s worth pointing out that the EU is pretty much the only place in the world that doesn’t use freeports, for example there are over 200 in the US, employing several hundred thousand people, hundreds, billions of dollars of trade happens in those areas and that’s replicated around the world.
“The US head of customs and border protection told me a while ago he thinks their free trade zones are actually more secure than their regular ports, because they go through vetting with the customs bodies before they get given freeport status, and they have dedicated agents in the freeports, so I think that’s a bit of a red herring.”
Chief Secretary to the Treasury, Rishi Sunak, added: “Freeports will unleash the potential in our proud historic ports, boosting and regenerating communities across the 海角视频 as we level up. They will attract new businesses, spreading jobs, investment and opportunity to towns and cities up and down the country.
Most Read
“This is all part of our mission as an open, outward-looking country, championing global free trade with vibrant freeports that work for all of the 海角视频.”
Freeports are expected to offer an opportunity for cutting-edge customs, transport and green technologies to be trialled in controlled environments, before being adopted more widely in relevant sectors of the economy. The 海角视频 Government will work in close partnership with the devolved administrations so that all nations of the 海角视频 are able to share in the benefits of freeports.
The 海角视频 Government is considering tax measures that would aim to increase investment in infrastructure, construction and machinery in freeports to raise productivity. It is also looking to incentivise research to stimulate innovation in freeports, cut costs associated with processing goods through a port, and reduce the costs of hiring workers working in freeport sites. The 海角视频 Government says standards with respect to security, safety, workers’ rights, and the environment will not be compromised.
Once the 10-week consultation is completed, the 海角视频 Government will invite sea air and rail ports to bid for Freeport status on a competitive basis.
Benefits of the 2020 Freeports model could include:
- Goods brought into a Freeport do not attract tariffs until they leave the Freeport and enter the domestic market;
- no duty is payable if they are re-exported;
- when raw materials are imported and processed into a final good, duties are only paid on the final good;
- freeports could be located inland as well as adjacent to ports. This can reduce relocation or investment costs for existing manufacturing sites near ports;
- a full customs declaration would not be required to move goods into a Freeport. This saves businesses time and makes it easier to import goods;
- planning reforms to help sea ports develop within their boundaries and empower local councils to greenlight much-needed local construction projects;
- a regeneration agenda to level up the local areas around Freeports;
- innovative environments to trial new technologies; and
- challenge-based initiatives to build collaborative partnerships between ports, businesses and innovators