Tag Archives: freeports

Paul Reynolds

Ten freeports by Spring; Boris’s post-Brexit economic miracle

By Paul Reynolds | Mon 5th August 2019 - 8:36 am

What should the Liberal Democrats do about Boris’s freeports idea? It is alleged that 85,000 jobs will be created.

What is a freeport?

It is a simple idea as old as customs duties themselves. Countries designate an area of land accessible in some way from outside their territory, as outwith their national boundaries for the purposes of customs, taxes and regulations. This means the freeport is a quasi-foreign territory free of all taxes and inspections, even though physically it is inside the host country.

The point is that goods or materials can come into the territory without paying any duties …

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