Chancellor: 8 Freeports To Be Set Up To Facilitate Trade & Investment

Chancellor announces establishment of freeports in East Midlands, Liverpool City, Thames, Teesside, Solent, Plymouth, Felixstowe and Harwich, Humber.

• "A policy we can only fully pursue now we're outside the European Union: Freeports. Freeports are special economic zones with different rules to make it easier and cheaper to do business. They're well-established internationally, but we're taking a unique approach. Our Freeports will have: Simpler planning – to allow businesses to build; Infrastructure funding – to improve transport links; Cheaper customs – with favourable tariffs, VAT or duties; And lower taxes – with tax breaks to encourage construction, private investment and job creation. An unprecedented economic boost across the UK."
• "Freeports will be a truly UK-wide policy – and we'll work constructively with the Scottish, Welsh and Northern Irish administrations. "