Freeport East: A Global Freeport for a Global Britain
In Rishi Sunak’s budget speech at the beginning of March, it was declared that Freeport East was one of the 8 new Freeports to go ahead.
Referred to as “A Global Freeport for a Global Britain”, it is an exciting announcement that will not only bring great change to the logistics industry, but to the entire nation too.
Everything You Need to Know About Freeport East
What is a Freeport?
Freeports are not a new concept; there was a total of 7 Freeports between 1984 and 2012 in the UK when it was part of the EU. When UK legislation changed however, these Freeports were not renewed.
Simply put, Freeports are sites, such as airports or maritime ports, where normal tax and customs rules do not apply; this means imports can enter without paying tariffs. Customs documentation will still have to be completed but it is a much more simplified process.
However, if the goods are transported out of the Freeport into another part of the country, they will have to go through the full import procedure. Sites can be both singular and a grouping of airport and maritime port sites providing they are within a similar location.
What is Freeport East?
Although centred upon the Port of Felixstowe and Harwich International Port, Freeport East is a partnership between:
- Hutchison Ports
- Harwich Haven Authority
- New Anglia LEP
- South East LEP
- Essex County Council
- Suffolk County Council
- East Suffolk Council
- Tendring District Council
- Babergh and Mid Suffolk Councils
- Haven Gateway Partnership
It has been specifically designed for this location, so it is on the world’s major trade routes connecting the UK directly with markets around the world.
Changes Freeport East Will Facilitate
Global Trade & National Regeneration
As mentioned above, Freeport East’s location will create a global trade up with unique links all over the world. This will attract international attention and investment, leading to new trading relationships and resulting in a Global Britain.
In turn, national regeneration will occur across the UK from this new Freeport and the opportunities it will bring. Creating thousands of jobs, driving domestic growth and ultimately boosting the UK’s economy, the positive changes we will see across the nation will be abundant.
Sustainability & Green Energy Sector
One way in which Freeport East will be creating thousands of jobs is through the creation of new investment and innovation opportunities. The Facility of Galloper Offshore 353MW Wind Farm is currently located in Harwich which is a starting point for the green energy development.
Freeport East will look to expand this site and across the region, as well as embark on new nuclear projects at Sizewell and Bradwell. Plus, it will work together with world-leading research-intensive universities, major companies, international investors and local authorities regarding hydrogen technology.
New Opportunities for the Logistics Industry
Although there is still a lot of work to do for Freeport East, its plans are promising for the logistics industry, our clients and the rest of the nation. At Portman Logistics, we are excited to see the future of Felixstowe and Harwich ports and the opportunities it will bring for our customers.