As the UK government prepares to roll out its new freeports policy to “turbo-charge” post-Brexit trade, a report released today by the International Trade Committee questions the real impact of the special trade zones on British exports.
The Conservative government made a commitment to establishing freeports – areas that are inside the geographic boundary of a country, but are legally considered outside the country for customs purposes – in its 2019 election manifesto, as part of wider plans for post-Brexit Britain.
During his budget speech last month, Rishi Sunak, chancellor of the exchequer, announced eight freeport locations in England, saying that they would “encourage free trade and reinforce [the UK’s] position as an outward-looking, trading nation, open to the world”.