Wales is to get its own freeport. The news has been confirmed Thursday, May, 12, following an agreement struck between the UK and Welsh governments which will see the UK provide £26m in funding.
Eight freeports have already been approved for England and a deal also struck with the Scottish Government. The Welsh Government said that it had achieved agreement with Westminster that both Governments will act on the basis of a ‘partnership of equals’ to deliver any Freeports in Wales.
Businesses will get tax incentives to set up in freeports from the UK and Welsh Governments including on devolved taxes like land transaction tax and rates. Both governments said they were open to a "multi-site" freeport in Wales which could include a large area of the coast.
