Anglesey has secured freeport status in a move backers say will create thousands of jobs. In May 2022, the Welsh Government reached an agreement with the UK Government to establish a freeport programme in Wales after a long stand-off over the levels of funding.
The island freeport around Holyhead was up against the Celtic Freeport in Milford Haven and Port Talbot and a multi-site freeport in south east Wales that included Cardiff Airport. Tonight it was confirmed that Anglesey and the Celtic Freeport had both been successful.
This was a joint decision by UK and Welsh governments and the UK Government will provide up to ?26m of non-repayable starter funding for each of the freeports being established in Wales. This represents parity with the deals offered to each of the English and Scottish freeports. Wales had originally only been offered ?8m for a Freeport and they have now secured ?52m.
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https://www.dailypost.co.uk/news/north-wales-news/anglesey-freeport-status-reinforces-need-26537986Anglesey freeport status reinforces need for third Menai crossingWelsh Government pulled the plug on the project earlier this year although it was later placed under 'review'
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https://www.dailypost.co.uk/news/north-wales-news/anglesey-freeport-status-reinforces-need-26537986What are freeports and will they help the economy?The Celtic Freeport and Anglesey Freeport are expected to be operational later this year.
Eight freeports have already been set up in England, with a further two soon to be operational in Scotland.
Freeports aim to create economic activity - like trade, investment and jobs - near shipping ports or airports.
Goods imported into freeports are exempt from taxes, called tariffs, that are normally paid to the UK government.
It means manufacturers in freeports can import raw materials tariff-free, only paying tariffs on finished products leaving the site for elsewhere in the UK.
Or the goods can be re-exported overseas without UK duties being paid.
Companies inside the sites will also be able to claim lower property taxes, including on new buildings they buy.
Firms also benefit from lower rates of national insurance - a tax paid on employees' wages - if they take on new staff.
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https://www.bbc.co.uk/news/uk-politics-55819489