Free Ports

[Mike D]

What's everybody's view on them? Here's a couple.

A great scheme and one which will help us discover our place in the world.

Just Another way of legitamising tax avoidance and criminality within post Brexit uk.

 

[BobKowalski]

They have the words ‘free’ and ‘port’ so they sound sexy so we will obviously have them as part of the ‘Global Buccaneering Britain’ brand. It’s displacement activity in place of anything meaningful and will make little difference other than make good PR. The fact that EU is largely hostile to them will be seen as a ‘good thing’ even though a lot of EU countries still have them.

Handy video on Freeports below.

 

[Blue Hefner]

Just seen this after reading your post

“
Does the EU prevent the creation of freeports?
No. The UK could create freeports as a member of the EU. Indeed, the UK has previously been home to several freeports, including Liverpool, Southampton, the Port of Tilbury and Glasgow Prestwick Airport. There was a total of seven freeports between 1984 and 2012, when the UK legislation that established their use was not renewed.

There are currently 80 free zones within the EU, located across 21 member states. There are 24 in England alone. These zones vary in design and can be geared towards particular industries, like bio-sciences at Manchester Airport or advanced manufacturing in Tees Valley.

Freeports and free zones in the EU have to comply with EU rules – for example, the EU state aid rulesdesigned to ensure fair competition. This is because tax exemptions and financial incentives offered to businesses in these zones can, in principle, be considered as a state subsidy that distorts competition.”

 

[NeilYoungIsBack]

There are currently 80 free zones within the EU, located across 21 member states. There are 24 in England alone. These zones vary in design and can be geared towards particular industries, like bio-sciences at Manchester Airport or advanced manufacturing in Tees Valley.

Most of those will be Enterprise Zones, but the modern version of Enterprise Zones are pretty toothless compared to the ones of the 80s which helped to kickstart regeneration of areas such as Salford Quays.

In the EZs created in the early-mid 2010s Capital Allowances aren't available and the biggest financial incentive is Business Rate relief but that is a pretty marginal benefit for most businesses due to State Aids limits.

 

[Mike D]

They have the words ‘free’ and ‘port’ so they sound sexy so we will obviously have them as part of the ‘Global Buccaneering Britain’ brand. It’s displacement activity in place of anything meaningful and will make little difference other than make good PR. The fact that EU is largely hostile to them will be seen as a ‘good thing’ even though a lot of EU countries still have them.

Handy video on Freeports below.

Excellent more bullshit and lies from as I thought to help support the thriving tax avoidance race to the bottom economy this country will become post Brexit.

 

[blueinsa]

 

[Phil1]

Can’t make a good cheeky vimto without it.

 

[Gareth Barry Conlon]

Just seen this after reading your post

“
Does the EU prevent the creation of freeports?
No. The UK could create freeports as a member of the EU. Indeed, the UK has previously been home to several freeports, including Liverpool, Southampton, the Port of Tilbury and Glasgow Prestwick Airport. There was a total of seven freeports between 1984 and 2012, when the UK legislation that established their use was not renewed.

There are currently 80 free zones within the EU, located across 21 member states. There are 24 in England alone. These zones vary in design and can be geared towards particular industries, like bio-sciences at Manchester Airport or advanced manufacturing in Tees Valley.

Freeports and free zones in the EU have to comply with EU rules – for example, the EU state aid rulesdesigned to ensure fair competition. This is because tax exemptions and financial incentives offered to businesses in these zones can, in principle, be considered as a state subsidy that distorts competition.”

Correct. I have been involved in financing some similar initiatives. The government has had the ability to offer significant incentives for investment for years. Typically they are linked to tax, exceptions and basically allowing investors to offset investment against tax. As has been said this has been ongoing for years and is nothing new. In fact I was involved in sinking about £60m into Liverpool by a BPRA scheme. The EU encouraged these sorts of schemes.

https://www.gov.uk/guidance/business-premises-renovation-allowance-bpra

Also Enterpise zones - same thing...

https://www.gov.uk/government/news/the-new-enterprise-zones

 

[joe123]

I'm all for trying anything that's potentially beneficial - was there a reason we shut them in 2012?

 

[Mike D]

I'm all for trying anything that's potentially beneficial - was there a reason we shut them in 2012?

They didn't have any significant impact financially or economy, because way back then the EU could block any anything that was seen as state aid such as tax breaks.