“Freeports” are secure zones based around regional sea, air, and rail ports where business can be conducted inside a country’s land border, but where different customs rules and other favourable arrangements apply.
ollowing the UK’s exit from the European Union, the UK government reintroduced freeports with the objective of:
- Promoting regeneration and job creation in deprived areas
- Creating new national hubs for global trade and investment
- Creating hotbeds for innovation
In the UK Chancellor’s Budget (3 March 2021), the following eight new freeports were announced—East Midlands Airport, Felixstowe & Harwich, Humber, Liverpool City Region, Plymouth and South Devon, Solent, Teesside, and Thames.
Source KPMG
