The Port of Felixstowe is a major part of the Freeport East bid
- Credit: Adam Boughey
A tax-free port in East Anglia could be the “silver bullet” the region’s economy needs to close the gap on the rest of the country, according to man behind the project.
It is estimated that a freeport in the East would create 13,500 jobs and secure up to £650million of investment for the region.
Freeports are exempt from import taxes on goods coming into the area which are not destined for the UK – effectively treating the area covered by the freeport as if it is not part of the country for tax purposes.