House of Commons · Written Ministerial Statement
Treasury announcement on levelling up the economy
16 November 2020 · Treasury
Proposed by Steve Barclay Con North East Cambridgeshire
Summarised by AI from the official record, so it can contain mistakes.
At a glance
Key points
- The government has launched a bidding process for Freeport status in England.
- The bidding prospectus for Freeport status will close on February 5, 2021.
- The new customs model includes tax incentives and seed funding to attract businesses.
Issue summary
The statement discusses the launch of a bidding process for Freeport status in England to revitalise port regions and promote economic growth.
Action requested
The government has launched a bidding prospectus for Freeport status, which will close on February 5, 2021. The new customs model includes tax incentives and seed funding to attract businesses and accelerate development in deprived communities.
Key facts
- Bidding process launched on November 16, 2020.
- Bidding period closes on February 5, 2021.
- Freeports policy introduces an ambitious customs model with tax incentives for businesses.
- Seed funding is provided to develop key infrastructure in deprived communities.
- The government aims to establish at least one Freeport in each nation of the UK.
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