BORIS Johnson’s government will today set out more plans for post-Brexit free ports despite warnings they are “potentially vulnerable to money laundering or terrorism financing”.
In Teeside, International Trade Secretary Liz Truss will say plans for “the world’s most advanced free port model” can create thousands of jobs
Free ports are inside the UK geographically, but legally outside of the UK customs territory.
In the US, around 420,000 people are employed in over 250 free trade zones, including in Miami, where over 7m tons of cargo pass through every year and firms within the zone can import, warehouse and re-export products duty-free.
Outside the EU, seaports and airports across the UK would to bid to become one of up to 10 free ports to help increase trade with new markets.
Ms Truss said free ports would use onshore enterprise and manufacturing as the “gateway to our future prosperity, creating thousands of jobs”.
“We will have a truly independent trade policy after we leave the EU on October 31,” she added.
Last month the European Commission warned the tax-free zones could be used for crime.
Labour said free ports represent “a race to the bottom that will have money launderers and tax dodgers rubbing their hands with glee”.
Shadow international trade secretary Barry Gardiner said: “Free ports and free enterprise zones risk companies shutting up shop in one part of the country in order to exploit tax breaks elsewhere, and, worst of all, lower employment rights.
“The British people did not vote for this new administration and they certainly did not vote to see their jobs and livelihoods threatened in favour of gifting further tax breaks to big companies and their bosses.”
In his first speech as Prime Minister on the steps of 10 Downing Street, Boris Johnson said free ports would provide thousands of jobs for people in “left-behind areas”.
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