Displaying items by tag: UK Treasury

17th February 2020

New UK Treasury Minister Announces Ten-Week Consultation to Rapidly Establish 10 Free-Ports

Tanker Thun London departing the Milford Haven Waterway in Wales (a proposed UK Free-Port). The 20,499 cargo capacity newbuild launched last year is from a series of chemical tankers ordered by a Swedish lake based shipping group, which are regular callers to Dublin Port where the new vessel is berthed today.

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.

Published in Ports & Shipping

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About the Loughs Agency

The Loughs Agency is a governmental body established under the 1998 Agreement between the Government of the United Kingdom of Great Britain and Northern Ireland and the Government of Ireland. The Agency's goal is to provide sustainable social, economic, and environmental benefits by effectively conserving, managing, promoting, and developing the fisheries and marine resources of the Foyle and Carlingford areas.

The Agency's governing legislation confers several specific functions, including the promotion of development of Lough Foyle and Carlingford Lough for commercial and recreational purposes in respect of marine, fishery, and aquaculture matters. Moreover, the Agency is responsible for managing, conserving, protecting, improving, and developing the inland fisheries of the Foyle and Carlingford areas. Additionally, the Agency has the task of developing and licensing aquaculture, as well as the development of marine tourism.

The Loughs Agency reports to the North South Ministerial Council and its government Sponsor Departments, the Department of Agriculture, Environment and Rural Affairs (DAERA) in Northern Ireland, and the Department of the Environment, Climate, and Communications (DECC) in Ireland. The Departments fund the Agency on an equal basis.

The Loughs Agency's focus on sustainable development is expected to have a positive impact on the economy, environment, and local communities in the Foyle and Carlingford areas. The Agency's efforts to conserve and enhance the region's marine resources, including fisheries and aquaculture, are expected to benefit local communities, promote tourism, and contribute to economic growth.

In conclusion, the Loughs Agency plays a vital role in promoting the sustainable social, economic, and environmental development of the Foyle and Carlingford areas. Its work on marine conservation and development is crucial in ensuring the long-term viability of the region's natural resources and in promoting sustainable economic growth.