Free Zones

Treasury written question – answered on 11th January 2021.

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Photo of Bridget Phillipson Bridget Phillipson Shadow Chief Secretary to the Treasury

To ask the Chancellor of the Exchequer, if he will place in the Library the estimates that were produced with regard to the UK Global Tariff and freeports policy of which forms of industrial activity using the standard industrial classification would benefit most from tariff inversion in new freeports in the UK.

Photo of Steve Barclay Steve Barclay The Chief Secretary to the Treasury

Freeports will benefit the UK by increasing trade, employment and investment. Firms importing goods into Freeports can take advantage of several customs benefits, including tariff inversion, alongside wider benefits. The Freeport Bidding Prospectus provides the full details that interested parties need in order to assess the benefits of Freeport status to them and join a Freeport Bidding Coalition.

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