Introduction of new Freeports that may act as hubs for global trade and investment in the UK

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UK government have announced the introduction of new Freeports that may act as hubs for global trade and investment in the UK. These so-called “Free Zones” are special economic customs zones located within a Freeport in the UK. Exclusive customs, VAT and excise rules apply within the Free Zone, making it easier or more cost efficient for operators to import, store and process imported goods in these zones.

The aim of the new measure is to create new jobs and reduce administrative burdens, thus accelerating the UK economy by an estimated 3bn pounds.

In total, the following 8 location as Free Zones shall be created in the UK.

  • East Midlands Airport
  • Felixstowe and Harwich
  • Humber
  • Liverpool City Region
  • Plymouth and South Devon
  • Solent
  • Teesside
  • Thames

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