HFW Freeports Series | Freeports: Know Your Customs
In our last article we introduced the UK's new Freeports, due to be developed at eight sites in England (East Midlands Airport, Felixstowe & Harwich, the Humber region, Liverpool City, Plymouth, Solent, the Thames and Teeside).
These new Freeports are intended to achieve three key policy objectives, namely: the creation of a hub for global trade and investment; the promotion of regeneration and job creation; and the creation of innovation hotbeds.
As we discuss, one of the ways they seek to do this is by creating favourable customs regimes for businesses that import, process and then re-export goods. We explore the size of those benefits, as well as the impact of the accompanying Responsibilities.
Previously published in the series: