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RISHI Sunak this morning hailed the creation of free ports across the country as an “incredibly exciting” opportunity to boost the post-Brexit economy

The Chancellor said the creation of new business centers across England will attract jobs and investment and help fuel recovery from the pandemic

He made the comments during a trip to Teesport, one of eight locations selected to become the next generation of corporate zones in the country

Free ports are areas where companies importing and exporting from the UK can operate under simplified customs, tax and planning rules

You are a key element in the government’s plan to diversify our trade away from Europe and build trade links with the rest of the world

And the new blueprint is also set to play an important role in fueling the country’s efforts to recover from the pandemic

Mr Sunak said this morning, “Free ports are special economic zones with different rules that attract jobs, investment and trade to places like Teesside

“I’m incredibly excited to see what that means. We said we’d improve the odds across the country Free ports are an example of how we do that

“It is a policy that we can pursue in a uniquely British way after we leave the EU

“Free ports are used extensively around the world and the EU is actually one of the few places where they are not used extensively”

The Chancellor said the US had over 200 such facilities, with nearly 500000 people are employed

And he believes this is where they can help fuel the growth of new cutting edge industries like carbon capture and storage, offshore wind power, and vaccine manufacturing

He added, “Anything that can happen in a free port with special tax planning and investment that creates jobs across the country is an exciting agenda”

Yesterday, Mr. Sunak announced the creation of the new generation of eight free ports in his budget for 2021

Treasury Department Says New Free Port Adoption “Will Come On A Scale We Have Never Been Before”

It describes the move as “a policy to create investment, trade and most importantly jobs across the country”

In the budget documents, officials add: “Internationally, a free port is a place where business can be done within a country’s land border, but with different customs regulations

“The UK’s bespoke, flexible free port model goes even further, combining customs zones with tax breaks, planning freedom and support for regeneration and innovation”

The location of the new facilities in traditional Labor cities – many of them in the Red Wall – is a shot above Sir Keir Starmer’s arches

Labor leader groaned that the budget was “a tax office in Darlington, a couple of free ports, and the announcement of other funding”

But Tory MP David Davis beamed, “Excellent news on budget for free ports, including Humber This will greatly increase local investment and employment”

And Tom Randall, Member of Parliament for Gedling in Nottinghamshire, added: “Absolutely thrilled that the East Midlands is seeing a new wave of free ports creating sustainable, green jobs for local residents”

They are allowed under EU rules, although MEPs have warned that they pose a risk of “money laundering, tax evasion and tax avoidance”

But Mr. Sunak insisted that all new UK free ports have strict tax and customs regulations “I don’t think anyone has anything to fear on this front”

He added, “What they’re going to do is get companies to settle down with the tax incentives – invest in new equipment and new facilities, create jobs in places like Teesside, Southampton or Liverpool, and I find the exciting “

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World news – GB – Sunak describes “incredibly exciting” Freeports after Brexit as “uniquely British”