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The Guardian - UK

Business

Eleni Courea in Apia, Samoa

Labour to announce plans for five new UK freeports in budget

United Kingdom Sir Keir Starmer Angela Rayner England

A sign at the Teesside freeport that reads: Teesworks. The UK's largest and first freeport' — One of the existing freeports in Teesside. Changes to the freeports model are expected to include better oversight from local councils. Photograph: Gary Calton/The Observer

Downing Street will announce five new freeports in next week’s budget as part of its effort to drive economic growth.

Ministers will set out plans to establish five new low-tax zones, plus an investment zone in the East Midlands, where businesses will benefit from tax breaks such as lower tariffs and customs.

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