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Tom Hutchison, chief executive Montrose Port Authority
Montrose Port will not make a bid to become a Scottish freeport despite enormous economic benefits highlighted in yesterday’s Budget.
Freeports are special economic zones with favourable tariffs, customs and VAT arrangements that make it easier for international trade.
Chancellor Rishi Sunak said freeports would bring “investment, trade and most importantly jobs right across the country”.
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Montrose Port
He announced eight English freeports as he delivered his Budget. The Scottish Government is yet to start a bidding process north of the border.
Hopes for Angus jobs
Treasury finds extra £800m to make Levelling Up Fund UK-wide
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Westminster accused of naked power grab as Levelling Up Fund extended
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| UPDATED: 08:00, Thu, Feb 25, 2021
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Chief Secretary to the Treasury Steve Barclay, said communities in Scotland, Wales and Northern Ireland will now all benefit from at least £800million of investment by the UK Government. The £4.8billion from the levelling up fund will be used to boost regeneration across the UK.