Hundreds of millions of pounds and thousands of jobs could be delivered to Liverpool City Region after its freeport plans were finally signed off.
The UK Government has confirmed it has greenlit the business case for the 45km special economic zone in the city region after months of waiting. Freeports are special economic zones with different rules to make it easier and cheaper to do business - and designated zones where the normal tax and tariff rules of the country do not apply.
It is hoped that once fully operational, the freeport could create more than 14,000 new highly skilled jobs, deliver £800m of investment and generate an additional £850m of GVA for the Liverpool City Region’s economy. It had been hoped initially that the freeport would be signed off by the Department for Levelling Up, Housing and Communities, last Autumn.
