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A port: How will making them tariff-free bring any money into the UK Treasury?

Let’s see if I’ve got this straight:

The Conservative government wants to create 10 post-Brexit ‘freeports’.

In these ‘freeports’, there will be no import/export tariff in goods if they don’t actually move off-port and into the UK.

If they are re-exported, no duty is payable. And where raw materials are imported and processed to become a consumer product, duty would only be paid on that product – if it came off-port and into the UK.

The government is happy to invest in infrastructure, construction and machinery in freeports to make it possible for raw materials to be processed into products – and exported offshore.

And it would work to cut costs of processing goods.

No doubt the businesses involved in taking raw materials, processing them and re-exporting them would have their head office based in a tax haven.

So, who benefits? The UK economy won’t!

Source: Government set to announce new post-Brexit freeports – CityAM : CityAM

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