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Chancellor confirms new freeport customs sites

[ October 31, 2024   //   ]

As widely expected, Chancellor Rachel Reeves confirmed that that five new customs sites at existing freeports will be designated shortly, in her Budget speech on 30 October. The government will also work to ensure the Freeports policy model aligns with the national Industrial Strategy.

She said that Freeports – along with Investment Zones – would create additional jobs and drive economic growth in areas that have economically underperformed in the past.

The Budget confirmed funding for Investment Zones and Freeports programmes UK-wide, including approval of an East Midlands Investment Zone to support advanced manufacturing and green industries, and the designation of the five new freeport customs sites.

Humber Freeport chair, Simon Bird, commented: “This is a major vote of confidence in Freeports by the new Government. It recognises the significant progress that has been made and the crucial contribution Freeports are making to the Government’s drive for growth.

“Here in the Humber we have tangible evidence of success, with Humber Freeport tax sites having attracted well over £1bn of investment. We’re also delivering seed capital funding that is supporting major projects focused on decarbonisation, innovation and skills.”

In the run-up to the Budget, it was reported in the media that the Chancellor was poised to announce five completely new freeports, but quickly retracted this, saying that there had been confusion between freeports and customs areas within freeports.

Prime Minister Sir Keir Starmer was also reported as saying that the existing freeports introduced by the last government were “working well but “they could work better” with more involvement from local businesses and politicians.

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