Plans to open as many as ten low-tax “freeports” have been disclosed by Liz Truss, the trade secretary, who claims they will boost economic growth and create “thousands of jobs” after Brexit. Boris Johnson has placed freeports — small areas within seaports and airports where standard tariffs and checks do not apply — at the heart of his economic vision for Britain. This allows them to store products within the zone on a duty-free basis, exporting them elsewhere or using them to manufacture other goods. The prime minister says that freeports can transform “left-behind areas”, stimulating growth and generating high-skilled jobs. Ms Truss vowed last night to create…

Source: The Times August 02, 2019 06:32 UTC