Freeports: What are they and will they make the UK money?

[Nick]

They are about taking business from your neighbour by being handed unfair advantages not worked for.

And what is the difference between the business that relocates and the one that doesn't?
I'm guessing one chooses to relocate and one doesn't, free will. There's no capitalist movement keeping the neighbour down, it's all about business decisions, same in any walk of life.

[Thomas]

The only people bring disadvantaged are those fool enough not to take advantage of them.

Im just reading there how a lot of the poorer areas of england and wales are supporting them john.

We're proud to be one of the signatories in this open letter to Chancellor, @RishiSunak
, showing our support for a North East England #Freeport; bringing economic growth and #moreandbetterjobs to the North East https://northeastenglandfreeport.co.uk/news-universal-backing-for-the-north-east-england-freeport-bid/ #Freeports

Universal backing for the North East England Freeport bid

A consortium of businesses and organisations has come together to show support for the North East's bid, signing a letter of support to the Chancellor of the Exchequer, Rishi Sunak

https://bdaily.co.uk/articles/2021/03/01/universal-backing-for-the-north-east-england-freeport-bid

[johnofgwent]

You are spouting rubbish. Freeports are not about doing better than your neighbour by working harder. They are about taking business from your neighbour by being handed unfair advantages not worked for.

Having been around long enough to as ctuslly pay PURCHASE TAX and having run a company forced to register for VAT, I have a very different opinion of what a Free Port actually is.


A Free Port only provides a benefit to those who seek to import something they intend to export again in the short term, or seek to import something for the purpose of manufacturing something they are also going to export


Goods whether raw, finished or manufactured in a free port area attract every penny of duty (and if manufactured, possibly substantially more duty than the raw materials) as soon as they pass through the dock gate to the UK proper.


What Free Ports do is cut down the insane paperwork so o brlived of the Value Added Tax brigade, the pointless stepwise inflation of the taxable component of a good combined with the po arallel reclaim of that tax by registered businesses.


By removing the need for pointless tinkering and s mountain of paperwork, Free Ports free those businesses inside to get on with what they actually make money doing, as opposed to doing the VAT and work for them.


The only people bring disadvantaged are those fool enough not to take advantage of them.

[Thomas]

What Are the Concerns Surrounding Free Ports?

Whilst many have begun to ask the question – what is a free port? and further how can a free port help to boost the post-Brexit economy? It's worth paying attention to the concerns that also surround these areas.

One of the major concerns over the use of free ports is their potential to increase the risk of tax evasion and smuggling if not properly managed.

Last year, the European Commission reported that free ports might be "potentially vulnerable to money laundering or terrorism financing" as the zones offer a less controlled space where valuable items can be bought, stored and smuggled. However, this is not guaranteed to be the case and many argue that the benefits of free ports far outweigh any of the disadvantages or potential pitfalls.

The UK Trade Policy Observatory has stated the following on the matter:

"whilst some form of free zones could help with shaping export-oriented and place-based regional development programmes, policymakers should (i) devise measures that counteract possible diversion of economic activity from elsewhere, and (ii) offer a wider set of incentives than just free zones, while keeping within the WTO and any 'level playing field' obligations that arise from our trade agreements."

With post-Brexit trade negotiations between the UK and the EU very much underway, free ports are being seen as one of the trump-cards of the government when it comes to exerting some pressure on the EU, by further opening up the UK to the rest of the world. With Boris Johnson and the UK keen on a free trade agreement with the EU and the EU keen on 'regulatory alignment,' what emerges remains to be seen.

https://techround.co.uk/business/how-do-freeports-work/

[Thomas]

It's called Capitalism: Work harder than your neighbour and you will be rewarded more than your neighbour.
Do you not agree with this concept?

Your [HIGHLIGHT]highlighted[/HIGHLIGHT] economics seems suggest a communist element? Little effort, your neighbour will support you with his hard work.

Could you please explain why the guy that works the hardest and longest shouldn't be paid the most?
Your post seems to suggest that one mans hard work is an affront to his lazy neighbour? What is to stop him relocating to the zone?

I dont know enough about them nick to comment that much , but the idea seems sound on the face of it , and of course i wonder how much of steves aversion to freeports is more down to labour party group thinking and blind loyalty rather than his own critical thinking?

The EU dont like them from what ive read , and want to clamp down on the ones within europe which is another bonus in their favour.

[srb7677]

It's called Capitalism: Work harder than your neighbour and you will be rewarded more than your neighbour.
Do you not agree with this concept?

You are spouting rubbish. Freeports are not about doing better than your neighbour by working harder. They are about taking business from your neighbour by being handed unfair advantages not worked for.

[Nick]

The inherent and obvious problems with such zones is that they tend to prosper at the expense of neighbouring areas as business relocates there. [HIGHLIGHT]It is the economics of beggar thy neighbour.[/HIGHLIGHT]

It's called Capitalism: Work harder than your neighbour and you will be rewarded more than your neighbour.
Do you not agree with this concept?

Your [HIGHLIGHT]highlighted[/HIGHLIGHT] economics seems suggest a communist element? Little effort, your neighbour will support you with his hard work.

Could you please explain why the guy that works the hardest and longest shouldn't be paid the most?
Your post seems to suggest that one mans hard work is an affront to his lazy neighbour? What is to stop him relocating to the zone?

[srb7677]

Freeports: What are they and will they make the UK money?

Rishi Sunak thinks the low-tax zones will boost struggling parts of the UK - but not everyone agrees.

Source: Freeports: What are they and will they make the UK money?

The inherent and obvious problems with such zones is that they tend to prosper at the expense of neighbouring areas as business relocates there. It is the economics of beggar thy neighbour.

[Streetwalker]

Ive always thought it would be a good option for Belfast , even before Brexit

[GBNews]

Freeports: What are they and will they make the UK money?

Rishi Sunak thinks the low-tax zones will boost struggling parts of the UK - but not everyone agrees.

Source: Freeports: What are they and will they make the UK money?