Buccaneering Britain: freeports, trade and the UK economy

Trade Bites

The government has promised to create at least 10 freeports up and down the country, as a key strand of its new post-Brexit trade and industrial policy. There has been a bidding process for sea ports and airports to convert to freeport status, with the deadline for bids expiring on February 5th. But what actually is a freeport? What can you do in them that you can’t do in a non-free port? Enthusiasts for the scheme see freeports as a way of stimulating trade by minimising taxes and red tape, and creating employment in deprived coastal areas. Detractors, on the other hand, are less enthusiastic, citing problems which other freeports around the world have faced with smuggling and other nefarious activities. So are freeports a creative answer to the economic challenges of 21st century Britain, or more of a step back into Jack Sparrow territory? Chris Horseman is joined by Dr Peter Holmes, Fellow of the UKTPO; Edward Farmer, Managing Director of the UK Free Trade Zone Association; and Paul Swinney, Director of Policy and Research at the Centre for Cities.