BORIS Johnson has pushed the button on plans to create TEN tax-haven ‘freeports’ in a blue collar Brexit revolution.
Trade Secretary Liz Truss said ports and airports would be invited to bid to become one of the regeneration zones she said would mirror Margaret Thatcher’s transformation of London’s Docklands.
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The move would mark another threat to the EU – as firms could relocate from the Continent to take advantage of low tax rates.
Potential sites include Belfast, Liverpool and Teesside – where backers believe they would be up and running next Spring.
‘MANUFACTURING REVOLUTION’
A freeport would essentially be exempt from national tax and red-tape.
This would allow companies in the zone to benefit from ultra-low corporation tax, business rates and escape duty on imports of raw materials.
Tees Valley mayor Ben Houchen told The Sun a freeport on Teesside would create 12,000 jobs and start a “second manufacturing revolution” in the region.
“It can definitely happen this Government seems to have the will to make it happen,” he said.
Free-trading zones already exist around the world, from Singapore to Vigo and Macau.
Ms Truss last night brought in special adviser to ex-PM David Cameron, Daniel Korski, to sit on a new panel to advise on the expansion.
She said: “Freedoms transformed London’s Docklands in the 1980s and freeports will do the same for towns and cities across the UK.
“They will onshore enterprise and manufacturing as the gateway to our future prosperity, creating thousands of jobs.”
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