WHAT ARE ‘FREE PORTS’ AND WOULD THEY BOOST POST-BREXIT TRADE?

The Week on 3rd July published an article after both Tory leadership rivals backed the creation of so-called “free ports” on the east coast of the UK.  It reports a Guardian story claiming that Teesside, Aberdeen and Peterhead could become economic zones, considered independent for customs purposes, that charge no taxes or tariffs on imports.   The article considers the option, but says that, ethical concerns aside, research by the University of Sussex-based UK Trade Policy Observatory into the potential of free ports in post-Brexit Britain found that relief on customs duties and tariff inversion are likely to be limited in the UK and any economic benefits brought to free zones could simply be diverting economic activity from elsewhere; and that policy impact evaluations often suggest that the net benefit of free zones is limited.

https://www.theweek.co.uk/102070/what-are-free-ports-and-would-they-boost-post-brexit-trade

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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