Post by Bentley on Oct 25, 2024 15:55:10 GMT
The UK is to announce five new freeports and a new investment zone in the Budget next week as part of a bid to boost economic growth.
Prime Minister Sir Keir Starmer said it is part of a plan to help create thousands of jobs and more trade in the UK.
Speaking to the BBC, Sir Keir said freeports - low tax zones - were "working well" despite criticism that they do not increase overall jobs numbers.
But he said "they could work better" with more involvement from local businesses and politicians.
Sir Keir acknowledged that freeports were a policy introduced by the Conservatives, but said he "didn't want to take the ideological view that just because they were introduced by the last government we would stand them down".
However, he said they need some improvements, including "better structures and more local authority involvement".
What are freeports?
Freeports are areas near shipping ports or airports where imported goods are free from taxes called tariffs that are normally paid to the UK government.
Firms in these areas also pay lower national insurance - another tax - on new employees, and lower property taxes.
www.bbc.co.uk/news/articles/c0j8w73pdn8o
Prime Minister Sir Keir Starmer said it is part of a plan to help create thousands of jobs and more trade in the UK.
Speaking to the BBC, Sir Keir said freeports - low tax zones - were "working well" despite criticism that they do not increase overall jobs numbers.
But he said "they could work better" with more involvement from local businesses and politicians.
Sir Keir acknowledged that freeports were a policy introduced by the Conservatives, but said he "didn't want to take the ideological view that just because they were introduced by the last government we would stand them down".
However, he said they need some improvements, including "better structures and more local authority involvement".
What are freeports?
Freeports are areas near shipping ports or airports where imported goods are free from taxes called tariffs that are normally paid to the UK government.
Firms in these areas also pay lower national insurance - another tax - on new employees, and lower property taxes.
www.bbc.co.uk/news/articles/c0j8w73pdn8o