At least freeports are a benefit, right?

news.bloombergtax.com

U.K. Freeports—Will They Benefit Business?

As part of the government’s plan to establish several freeports, the U.K. tax authority has recently issued guidance for businesses on operating in a freeport site. Ian Worth of Crowe UK looks at the background to this initiative, the potential benefits and the challenges going forward.
news.bloombergtax.com news.bloombergtax.com

This seems to say the same thing.

All they achieve is moving businesses from one area of the country to another - which could be ok in principle if its London to Middlesbrough for instance. If its the West Midlands to Middlesbrough then its a net loss as the West Midlands loses jobs and HMRC loses tax revenue.
 
I’m no Tory at all but I find this a bit a cheap shot as the free port status will boost Teesside there’s no doubt about that and as for it only Altering the location though

isn’t that exactly the point.
 
zorro_mfc said:
Yes it for too long this area has had to sit and watch other parts of the country get govt investment so I make no excuse now it’s our turn.

do you really think Tyneside would have turned it down on principle ????
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No. They applied to have one themselves.

There is a map on the Teesside freeport website https://www.teesinvest.com/why-tees-valley/teesside-freeport/

Tell me where the borders are that will allow duties to be suspended. If there aren't any, then it's just a smugglers charter.
 
the principle of moving jobs to depressed areas is a valid one. But it will make no net difference to GDP. It is also a rather crude tool. It is being sold as something that couldn't be done under EU rules (but that is just another Brexi-lie).

Yes, it will help Teesside. (and the other areas) But we are just re-arranging the deck chairs on that famous ship.
 
zorro_mfc said:
I’m no Tory at all but I find this a bit a cheap shot as the free port status will boost Teesside there’s no doubt about that and as for it only Altering the location though

isn’t that exactly the point.
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No? Surely that's not the point at all? Surely it was supposed to be a brexit benefit. And it isn't
 
It will be difficult to tell, on an individual basis, which developments are a direct result of freeports and which are not. What we do know is that the Metro Mayors of each region will be jumping all over any positives whilst disowning the negatives. In an article on the Teesworks website Ben Houchen is credited as they write:

"...GE Renewable Energy took the decision to build the factory in Teesside, in part because Teesside was awarded the UK’s biggest Freeport in the Spring Budget."

But in a paper I found recently, written in 2010 (2 minute read) they were already talking about carbon capture and also the ambition of attracting GE to this area to manufacture blades, long before anyone had heard of Houchen. So is the blade factory a benefit of the freeport or just something that would have happened anyway, and will we ever find out?
 
Omega said:
For some people the glass will always be half empty.
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The glass is just empty.

Freeports were a Brexit benefit and would bring NEW jobs and income into the country, or so we were promised. As usual, they lied, and they will just move existing jobs around the country.

Maybe ok for levelling up Middlesbrough but it will level down somewhere else.
 
They may be moving jobs from one area of the country to Teesside And If you view it from a local point of view it is a win. We have been a neglected area for so long that you can’t blame Teessiders having some feeling of redemption even if at the expense of other areas of the country. I do understand the other point of view as well and am not convinced Freeports will be an economic success in general.

Anyway I’m sure we will soon find out as PD Ports have tweeted this this afternoon. They are still using the line “creation of jobs”

https://twitter.com/x/status/1453701242878844931
 
Cardiffdaffs said:
They may be moving jobs from one area of the country to Teesside And If you view it from a local point of view it is a win. We have been a neglected area for so long that you can’t blame Teessiders having some feeling of redemption even if at the expense of other areas of the country. I do understand the other point of view as well and am not convinced Freeports will be an economic success in general.

Anyway I’m sure we will soon find out as PD Ports have tweeted this this afternoon. They are still using the line “creation of jobs”

https://twitter.com/x/status/1453701242878844931
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why do they claim its the UKs first freeport? we've had them before
 
Its only really a benefit if youre importing raw materials from outside the uk - which you then avoid paying duty on - to then sell a finished product for export, where you still pay the duty on the market your selling into.

It looks great for start up operations - like the wind turbine factory thats getting built - but I just dont see that many companies going through the relocation process - including costs of moving, losing workers who wont want to move to teesside, training up new workers etc.
 
Ironops said:
Its only really a benefit if youre importing raw materials from outside the uk - which you then avoid paying duty on - to then sell a finished product for export, where you still pay the duty on the market your selling into.

It looks great for start up operations - like the wind turbine factory thats getting built - but I just dont see that many companies going through the relocation process - including costs of moving, losing workers who wont want to move to teesside, training up new workers etc.
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It's great for tax avoidance for billionaires, money laundering, and hiding transaction history https://www.townandcountrymag.com/l...a35032655/what-is-a-freeport-art-collections/
 
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