Liverpool and East Anglia to join network of UK freeports

The freeports will provide tax and duty breaks to encourage economic growth in areas across the UK as part of the government’s levelling up agenda.

Liverpool and East Anglia will soon be home to two freeport zones, joining other investment zones in benefitting from tax incentives and a simplified customs procedure.

Funding worth £25 million is set to go to the two regions to get the freeports off the ground over the next few years which means the majority of planned English freeports will be in operation.

Freeport East and Liverpool City Region Freeport will join initiatives in Plymouth, Solent, and Teesside, as well as two planned Green Freeports in Scotland and at least one freeport in Wales.

Levelling Up Minister Dehenna Davison said: ‘Freeports are magnets for investments, putting places like the Wirral and Harwich on the global stage and the frontier of innovation.

‘With £25 million of seed funding, these Freeports will unlock local expertise and skills to boost key local industries, create jobs and grow our national economy.

‘We are maximising the opportunities of leaving the European Union to drive growth, boost innovation and encourage investment in the UK.’

Based on a major world trade route, Freeport East is estimated to generate £5.5 billion over 10 years for the local economy and is expected to create thousands of jobs for citizens.

There are plans for the zone to be a centre for clean energy, with a focus on driving the production of the ‘green’ fuel hydrogen.

The government says Liverpool City Region’s freeport will accelerate growth in advanced manufacturing, biomanufacturing, logistics and low carbon industries, providing £850 million and a range of jobs for the community.

Freeport regions will also benefit from business rates retention, planning, regeneration, innovation and trade and investment support.

Photo by Shunya Koide