UK airports bid for Freeport status under new government programme
With Brexit now completed and the UK signing, or chasing, trade deals around the world, a policy of awarding 'Freeport' status around the country has been reinstated. And at the same time the government is committed to improving the lot of the regions; that is how it got elected.
Free ports, or zones, are designated by the government as areas with little to no tax in order to encourage economic activity. While located geographically within a country, they essentially exist outside its borders for tax purposes.
Although the majority of applications will come from marine organisations, airports will be represented, and two of them have already played their cards.
One question which arises, though, is whether there is so much regional support through special economic zones and the like already that the status of Freeports will be diminished before they are even awarded. Also, will they be allocated where the need is the greatest?
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