HFW Freeports Series | Freeports: Back in Business?
Over the coming weeks, HFW will be launching a series of articles on the reintroduction of Freeports in the UK. We’ll be looking at the implications for businesses operating within these Freeports, focusing on a number of industry sectors including Shipping, Construction, Energy & Resources, Aviation and Commodities.
The UK’s new Freeports aim to regenerate local economies, create thousands of jobs and boost international trade. Freeports may be back but can they really live up to the government’s promises?
On the 3rd of March, Chancellor Rishi Sunak announced his budget for the coming tax year. As expected, much of the budget focused on gearing up the British economy to cope with the impact of Covid-19. A key part of his plan is the creation of eight new Freeports in the UK which, it is promised, will regenerate deprived areas of the country by creating jobs and encouraging international trade. But what does this mean for companies operating within these ports already and those who choose to trade with us going forward?