Thames Free Port
A Free Port is an area within the borders of a country that is not subject to the usual taxes and tariffs. They’re also known as free-trade zones. It means that goods could arrive from overseas and be repackaged, manufactured, or simply sent on to another country incurring little or no taxes or tariffs along the way. It’s a part of frictionless trade.
If the goods from, say, Dagenham Free Port were to come into the rest of the UK they would be taxed as usual.
The Governments announcement that it wants to establish free ports has nothing to do with Brexit. We already had them until David Cameron scrapped them in 2012. There are currently 83 in the EU.
For Barking and Dagenham it will mean more local jobs. The local council will be meeting to consider the plans on 19th January.
The Thames Freeport bid covers three sites: London Gateway, the Port of Tilbury in Thurrock, and Ford’s Dagenham plant. It will create 20,000 jobs, and £400 million investment will be ploughed in.
The leader of Barking and Dagenham Council, Darren Rodwell said: “This proposal offers an outstanding opportunity to bring back the Thames to its glory days.” Rishi Sunak said that the schemes will see UK ports and airports gain a competitive advantage over big ports in the EU, such as Rotterdam, Antwerp and Hamburg.
Films studios to be built in Dagenham
Hackman Capital Partners have signed a deal to build London’s largest film and TV studios with 12 sound stages covering 500,000 square feet.