London: The British government on Wednesday announced further details for new innovative Freeports in the post-Brexit period.
“Next steps set out today for the creation of Freeports, driving investment and creating jobs after the end of the transition period (December 31, 2020),” the Treasury said in a statement.
The bidding process for locations of the Freeport in England will open by the end of 2020, said the statement, adding that the first Freeports are on track to be open by the end of 2021.
The core of the new Freeports policy is an ambitious new customs model, said the statement, improving upon both the existing and previous customs arrangements.
They will attract investment from around the world as we embrace new opportunities following our departure from the EU and will be a key driver for economic recovery as we build back better post-coronavirus, said Chancellor of the Exchequer Rishi Sunak.
The government is seeking to build at least one Freeport in each nation of the UK, added Sunak, referring to the four devolved administrations including England, Wales, Scotland and Northern Ireland.
A package of tax reliefs for business investment will be introduced in the Freeports, according to the statement, with speeding up planning processes to accelerate development through a wide range of fresh measures, as per media reports.