The Scottish and UK governments agree the deal as Boris Johnson is expected to visit Scotland.
Graham Watson's insight:
Aha! The first sighting of a freeport: but are they good economics. Whilst you might argue that establishing them might generate a multiplier effect, critics suggest that for all the absence of tariffs and taxes, they have to be paid somewhere along the line.
And as for the notion that we couldn't have freeports if we hadn't left the EU, it's utter rubbish. A lie. But as we all know the Prime Minister has never told any of those.
Chancellor says controversial policy for sites including Liverpool and Hull will ‘exemplify future economy’
Graham Watson's insight:
The Budget is going to create eight freeports, dotted around the country, with a particular focus on shoring up so-called Red Wall areas, and introduced with a lie - that being out of the EU has enabled us to do this.
The intention of this, in creating a number of low tax zones across the country and relaxing planning legislation there, is to attract inward investment and create jobs, boosting Britain's supply-side capacity.
The Tories set great store by the special economic zone, but will it create thousands of jobs, or just be the economic damp squib experts predict?
Graham Watson's insight:
Fans of the notion of levelling up should read this article about the creation of so-called freeports in the UK. The first freeports based in Teesside, the Humber and on the Thames are due to be created this week. But will they generate the benefits, and the jobs predicted.
If they do, the tax breaks and subsidised electricity could attract businesses and generate significant regional multiplier effects, if they don't it could be another example of government failure. However, I'm similarly amused that we're now copying the Chinese growth model in the hope of stimulating growth.
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As bids close on applications to establish free ports, the jury is out on whether they will revitalise deprived areas of the UK or become mini-tax havens
Graham Watson's insight:
Free ports? A Brexit boon? Or a regulatory disaster?
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Aha! The first sighting of a freeport: but are they good economics. Whilst you might argue that establishing them might generate a multiplier effect, critics suggest that for all the absence of tariffs and taxes, they have to be paid somewhere along the line.
And as for the notion that we couldn't have freeports if we hadn't left the EU, it's utter rubbish. A lie. But as we all know the Prime Minister has never told any of those.