Freeports are a boon to Tory donors and capital

Land and port owners, who donated heavily to the Tories, will reap the major benefits of #freeports. They’ll benefit from a host of measures such as:

• tax credits,
• generous capital allowances,
• reduction of stamp duty and business rates, and
• local relaxations of environmental protection & planning laws.

For residents, freeports will instead bring harmful effects.

They will

• Reduce tax revenue,
• Lower wages,
• Lower environmental protection, and
• Decrease regulation.

For the economy, there will be negligible impact. “Research by Sussex Uni’s UK Trade Policy Observatory suggests that Government plans to build a network of freeports to books post-Brexit Britain will have a negligible impact on the economy.” FT

Freeports as we will see, are a way of transferring wealth from the people to capital.

A ship in Bristol Port from a Bristol24/7 article

Freeports are special kinds of ports where normal tax and customs rules do not apply. Imports can enter with simplified customs documentation and without paying tariffs.

Businesses operating inside designated areas in and around the port can manufacture…