Eight free ports with low-tax zones to be created in England

Eight free ports with low-tax zones to be created in England

Eight English ports are to become free ports under plans announced by the chancellor, who said his policy for the controversial low-tax zones would "exemplify the future economy“ and "unlock billions“ in investment, trade and jobs.

Businesses located within the free ports will benefit from tax breaks including no stamp duty, full rebates for construction and machinery investment, five years of zero business rates, and lower tariffs and customs obligations.

Most of the zones will be based around England's biggest coastal cargo ports, including Felixstowe, Liverpool, Hull, Southampton and London Gateway. Plymouth, Teesside and a zone around East Midlands airport will also be designated areas.

While free ports existed, without great impact, in the UK until 2012, Rishi Sunak said the plan was "on a scale we've never done before“, creating special economic zones that he said were long established internationally but with "a unique approach“ for the UK.

The chancellor said discussions were continuing with the devolved administrations for further free ports elsewhere in the UK, although Scotland is modifying the plan to introduce "green ports“, while Northern Ireland's post-Brexit status may not allow the same model.

The free port plan has been championed by Sunak and Conservative politicians in the north, where it