Brexit: Launch of the historic UK free port “Big” step forward – “Another benefit” | Politics

Teesside Freeport began operations on Friday, November 19, and is expected to be “at the forefront of green energy, manufacturing and innovation,” according to a UK government statement. A free port or “free zone” is an area that is within the geographical limits of a country, but is legally considered outside the country for customs purposes.

Therefore, goods brought into the free port are not subject to import duties.

Sometimes companies operating in free ports benefit from other incentives, such as tax breaks.

Eligible businesses based on tax sites in Teesside Freeport can benefit from various tax incentives, including an enhanced capital deduction; an allowance for structures and buildings; lower commercial rates; and relief from land tax on stamp duty.

Teesside has also designated a customs site, which means that businesses located on the site can benefit from customs facilitation, including the suspension, waiver, and deferral of duties.

David C Bannerman, a former Conservative MEP from East England, welcomed the opening, calling it “another benefit of Brexit.”

He tweeted: “It’s great, the first job to create Freeport started in Teesside. One of some. Another advantage of Brexit.

The government has estimated that Teesside Freeport will create more than 18,000 jobs and contribute £ 3.2 billion to local communities over 5 years.

The freeport has already secured a multi-million pound investment from GE Renewables to build a new offshore wind blade manufacturing plant that they say will create up to 750 manufacturing jobs and 1,500 other functions in the chain.

READ MORE: Rishi Sunak “must go now” – L’Express readers condemn Chancellor

Other free ports should be opened. During the October 2021 budget, the Chancellor announced that the first tax sites will be at Humber, Tees and Thames.

The locations selected to proceed to the next stages of designation are East Midlands Airport, Felixstowe & Harwich (known as Freeport East), Humber, Liverpool City Region, Plymouth & South Devon, Solent, Teesside and Thames.

In a statement Lord Frost said: “After leaving the European Union, we now have the freedom to do things differently, including creating new free ports to boost our trade with the fastest growing markets in the world.

Today’s announcement is great news for Teesside and shows that we are maximizing Brexit opportunities to create high paying jobs and drive growth across the UK.

DO NOT MISS :
Macron furious at UK over fishing licenses as French turn against him [REPORT]
Micheál Martin denounces Brexit as “an obstacle” for Irish relations [OPINION]
Brexit trade war looming: EU frozen for ignoring ‘urgent task’ [ANALYSIS]

“In addition to having more free ports, we want to go further and faster to create a competitive regulatory environment that supports innovation and stimulates foreign investment. “

Free ports have been used as examples of opportunities that the UK will benefit from after leaving the EU.

In 2019, then-MEP Rishi Sunak said: “The EU is the only place where these [freeports] they don’t really exist.

There are around 80 free zones within the EU.

Until 2012, there were five free ports in the UK until the government allowed national laws establishing these ports to expire.

However, EU state aid rules (which prohibit EU governments from supporting certain companies over their competitors) limit the range of tax incentives that an EU member can establish in its free port.

Dennis Alvarado

"Total social media fan. Travel maven. Evil coffee nerd. Extreme zombie specialist. Wannabe baconaholic. Organizer."

Leave a Reply

Your email address will not be published. Required fields are marked *