IdonthaveaScooby

Why would we need them if we are to get free trade , seems like desperate measures

https://uk.reuters.com/article/uk-br...-idUKKBN2030SE


and a great way to launder cash

BMWhere?

We will never have free trade with everyone.
A free port allows you to land goods, trade them and ship them on again without incurring any duties. Duties are only paid if goods are transferred out of the free port and into the country in question.
They have proved popular in the US with consumers buying goods from markets and outlet stores duty free within the free port and then paying the taxes when they leave the port. Depending on the items in question, there may be certain duty free allowances in place which means they can avoid certain taxes and get a great bargain.

IdonthaveaScooby

They cant really move entire plants to inside the port can they ?

https://fullfact.org/europe/free-ports/

BMWhere?

It depends where you draw the boundaries of the "port". A free port doesn't have to be a port in the traditional sense, with access for loading ships etc. In theory, you could declare the area around a car plant as a free port and then export them to the UK to be sold. Obviously there are benefits if you do connect it to a sea port which then lets you export world-wide without having to 'enter' the UK.

The question is only what the government plans to achieve by creating Free-Ports! Obviously, any aggressive tax avoidance moves to create cheap manufacturing areas on the EU doorstep could well harm our chances of getting a good trade deal with the EU, or indeed other non-EU countries.

IdonthaveaScooby

Javid is still promising free trade ...!

lozgti1

I love port and cheese. Other than that not too fussed what they up to