The Prime Minister is set to announce five new UK freeports in the Budget.

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Prime Minister Rachel Reeves is expected to announce plans for five new freeports in Wednesday's budget, as the Labor government adopts a controversial Conservative policy to boost investment.

Former Conservative prime minister Boris Johnson introduced freeports as a signature post-Brexit policy that would allow companies operating in certain regions to enjoy financial benefits and potential tariff exemptions.

From 2021, eight freeports will open in England and two each in Scotland and Wales, each focusing on a specialist area and supporting tax relief for building investment and staffing.

Reeves will announce five new freeports in a statement on Oct. 30, which he said has already attracted $2.9 billion in investment and created about 6,000 jobs, according to government officials.

However, the duty-free import system has proven controversial, with economic analysis showing that free ports tend to shift investment to other regions rather than generate new inward investment.

Although many companies have taken advantage of the new freeport's tax breaks to hire staff and invest in buildings and machinery, only six companies enjoy the specific tariff benefits of being in the freeport, which allows them to import materials duty-free. abroad.

Poor use of customs sites has raised questions in Whitehall over why the Treasury continues to support freeport tax cuts while requiring unprotected government departments to find savings ahead of their budgets.

The value of free ports has been a contentious issue since Brexit, with both Johnson and former chancellor Rishi Sunak saying special customs zones were key to boosting economic growth after Britain left the EU single market.

But the Office for Budget Responsibility, an independent fiscal watchdog, said it expected the impact of freeports on UK GDP at the start of the 2021 policy to be so small that it would be difficult to discern in hindsight.

Sir Keir Starmer's shadow cabinet did not take a firm stance on British freeports when Labor opposed it. However, this policy received criticism from unions even before it was implemented.

In 2020, the union council warned that the plan risked undermining workers' rights through lost business rates revenue, hurting the finances of some councils and in some cases deepening regional inequality.

suggestion

Asked about plans to expand the scheme to five new sites, Starmer said he did not want to take an ideological approach to investment.

The Prime Minister said freeports should be expanded further as they could help provide well-paying and safe jobs.

Freeport was introduced by the last government… He said he did not want to take an ideological view that would stop something just because it was introduced by the previous government.

We've looked at them and we think they're working well and could work better. We've made some improvements so it will work much better, he added.

suggestion

Starmer said he would adapt the existing free port model by aligning zones more closely with the government's impending industrial strategy, while also providing councils and mayors with greater scrutiny and oversight of ports.

Reeves is also set to announce a new investment zone in the East Midlands, building on Tory initiatives. The UK has 12 existing investment zones that provide relief grants and other flexible grants to support strategic sectors.

The Humber Freeport is currently planned as a rare earth metals processing hub, while the Teesside Freeport is to be used for a new offshore wind turbine manufacturing facility. Plymouth and South Devon Freeport are looking at testing autonomous marine vehicles.

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