FREEPORTS WILL ‘ OPEN NEXT YEAR’

TAX- free trade zones to boost the economy and create jobs will be opened within a year, the Chancellor has announced.

Rishi Sunak said bidding for “freeport” status will start soon, with the first wave of districts up and running in England by late next year.

Goods in these areas will be able to be imported, stored, and exported without tariffs being imposed.

Mr Sunak said: “Our new freeports will create national hubs for trade, innovation and commerce, regenerating communities across the UK and supporting jobs. They will attract investment from around the world as we embrace new opportunities following our departure from the EU, and they will be a key driver for economic recovery as we build back better.”

Experts estimate that the freeports could create 150,000 jobs and generate billions of pounds.

In the zones, parts will be processed into new products, with charges only imposed on the finished goods if they are put into the domestic market.

Talks are under way with the devolved administrations about extending them to the rest of the UK.