Displaying items by tag: UK Treasury
New UK Treasury Minister Announces Ten-Week Consultation to Rapidly Establish 10 Free-Ports
Ports in the UK, once designated as freeports, will have no domestic taxes levied on any goods within them, according to a Multimodal news update.
Taxes will only be levied when a product leaves the freeport, and enters the rest of the UK.
This has the effect of encouraging international business to come to the UK to process or store goods with little to no red tape, bringing jobs and investment in the mainly coastal communities that have been neglected during the UK’s membership of the EU. Ten are set to be designated by the end of the year.
OrderOrder has more to report on the story and on the industry leaders which have already started lobbying for freeport status.
Afloat adds among the freeports proposed is an Atlantic freeport in Wales located on the Milford Haven Waterway. Where (pictured above) is tanker, Thun London (18,650 deadweight) one of five new chemical product tankers for a Swedish lake based shipping group.
Thun London, Afloat also adds yesterday completed a passage from the Welsh waterway (incl. Pembroke Dock) to Dublin Port where the new vessel remains berthed today.
