The UK Government recently launched a consultation on its proposed Freeport policy.
The consultation paper describes Freeports as “innovative hubs which boost global trade, attract inward investment and increase prosperity in the surrounding area by generating employment opportunities”.
The government aims to create up to ten Freeports across the UK and, building on the work done by the Freeports Advisory Panel, is now consulting on the form which these should take.
But what does the government mean by a “Freeport”? Why is the Government proposing them now, and what opportunities do they offer?