Gambling on Freeports

摘要

Rishi Sunak's Spring Budget saw the announcement of eight so-called Freeports in England that could potentially supercharge the manufacturing sector and spearhead the spread of wealth and opportunities beyond the areas in which they are situated. In a report published in 2016 by the Centre for Policy Studies (CPS) Sunak defined a freeport as: 'An area inside the UK geographically, but legally outside of the UK customs territory. Goods can be imported, manufactured or re-exported inside the Free Trade Zone without incurring domestic customs duties or taxes. These are only paid (often at reduced rates) on goods entering the domestic economy.' In Sunak's report - published five months after the EU referendum - he outlined the role of freeports in a post-Brexit economy that would concentrate more on manufacturing and less on services to create wealth, improve productivity and help 'level up' regions in England.