Prime Minister promises freeports will ‘turbo charge’ growth in Wales
Prime Minister Rishi Sunak has visited the UK’s newest freeport at Holyhead in Anglesey, promising it will “turbo charge” economic growth in Wales.
Mr Sunak, accompanied by Wales’ First Minister Mark Drakeford, met port authorities in Anglesey, which along with Celtic Freeport covering Milford Haven and Port Talbot in South Wales, were announced as two new freeports which it is claimed will attract billions of investment and create 20,000 new jobs by the end of the decade.
The Prime Minister said the freeports were a “Brexit benefit” that would boost economic growth across the UK.
He said: “Now that we’ve left the EU we can create these turbo-charged freeports across the United Kingdom, they are special economic zones that are designed in a way to attract companies to invest there, to create jobs and opportunities for people.
“They’re successful all around the world and I’m really delighted we are able to announce not one but two new freeports in Wales today, one in the north, one in the south, good example of us working co-operatively with the Welsh government to deliver for the people of Wales and drive growth, create jobs, spread opportunities.”
Lost funding
Mr Sunak said lost funding for Wales after the UK withdrawal from the European Union would be guaranteed at the same levels as before with, “more on top” including £26m investment for each freeport created.
He said the closure announced last month, of the 2 Sisters meat processing factory in Anglesey with the loss of 750 jobs, showed the need for new economic initiatives in North Wales.
He added: “It illustrates why we have to keep investing in this area and other areas to create new jobs and opportunities and that’s what this freeport will do.
“Good, well-paid jobs for local people as a result of this freeport, that’s what’s going to happen and actually talking to the Port today, they’ve already had inquiries from over 40 companies who are interested in coming and investing here in Anglesey because of the freeport status, I think that should give everyone a real sense of confidence and optimism about the future.”
Freeports are special areas within the UK’s borders where different economic regulations apply to incentivise investment and create global trading hubs.
Despite some economic analysis suggesting freeports displace rather than create new economic growth Mr Sunak said he was confident of their success in the UK.
He added: “We’ve seen hundreds and hundreds of thousands of jobs created across the world in freeports, billions of pounds of investments, they are proven to work.
“And now that we’ve left the EU we can really create a turbo-charged freeports programme here in the UK and that’s what we’re doing, we’re rolling out in every part of the UK and I’m really pleased that the announcement of two freeports in Wales today has been made.”
Blueprint
First Minister Mark Drakeford said the freeports are expected to be operational by the end of the year and will “transform the Welsh economy, creating a stronger, fairer and greener future”.
“The joint working between Governments on the freeport programme should serve as a blueprint for future intergovernmental work on a whole range of issues.”
Eight freeports have already been established in England and two green freeports in Scotland.
The Welsh freeports were decided on by both governments during a joint bidding process which ended in November last year.
Both sites are said to have been chosen to exploit opportunities from renewable energies, and are expected to make a significant contribution to achieving the UK’s net-zero ambitions.
The Celtic Freeport plans focus on low carbon technologies, such as floating offshore wind (Flow), hydrogen, carbon-capture utilisation and storage (CCUS) and biofuels to support the accelerated reduction of carbon emissions.
Anglesey Freeport will focus on marine energy technology testing on the seabed, including tidal and wind.
The UK Government said its plans to create a low tax, investment zone in Wales, as announced by Chancellor Jeremy Hunt in his spring Budget, will work “hand in hand with the freeport programme to generate sustainable economic growth and level up communities in Wales and across the UK”.
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Its tax dodging for large companies. This is what it boils down to.
New wealthy MP votes for tax cut in 2016, now we find he saved himself 300 grand…way to go…
Sunak’s promises are worthless. Ask the PM about his promise of integrity, and perhaps he could disclose his present relationship with Moderna…thought not…
Freeports attract Freebooters…
Given India’s leader’s jailing of opposition leaders will Starmer and Ed Davie be inside before the next election?
During our membership of the EU , we had, and then closed a host of freeports, so if Sunak can claim this is a “Brexit benefit”, what next, claims of the sun rising and setting are all because of Brexit, the tides changing, all down to Brexit? What utter codswallop this man spouts.
Does Sunak even know how a turbo charger works. Silly muppet had lines prepared by a wonk who probably got the words from a guidebook for scribblers of silly speeches.
You used the term ‘silly muppet’, there – which some may deem somewhat derogatory.
However, once the decision has been made to be derogatory, why not have some fun and use phrases like ‘Mucking fuppet’, which is a spoonerism?
Newyddion bendigedig- so long as the right model of community partners and real local engagement is followed. Loads of Good and Dreadful examples across the world 🌎 to learn lessons from. And one more comment. – Kerp Lee Waters away from the schemes.
Freeports almost always become hubs for organised crime, due to the very wide variety of scams that become possible. Don’t say it can’t happen here.
Why All the negative talk if goes ahead look at all the jobs it would create I couldn’t see labour party doing anything for Wales we’ve only seen promises in my life from the labour party and I’m 78yrs Old
Tell us how many jobs needed for rich people to buy and trade art etc, while avoiding tax? It is a nonsense and embarassment to us. The ports have lost out due to brexit and no amount of rich tax avoiding schemes at these ports will bring a fractio nof the jobs and certainly no investment in these areas for you and me.
Tax avoidance will do nothing for anyone I know. We could have great growth if the English paid up properly for our natural resources they take. Removal of EU funding, not replaced, will drag us down for decades. Only way to invest in us is indy and we can really think about what we can be in the modern world. We have been shafted for centuries as the country Westminster abuses our resources abnd plays games with our lives.
Less we forget. Margaret Thatcher introduced six Freeport’s in 1983, in which Cardiff was one of them, but were deemed abject failures so scrapped in 2012 by then PM David Cameron. So the idea that they will “supercharge” the Welsh economy is wishful thinking and purely a Conservative gimmick.
Sunak – “Wales is a thriving part of the UK” (UK Gov press release 22/3/23). Andrew RT Davies – “Wales is closed for business” (every other tweet). I’m not sure how you can square that circle?
Alas they’ll do nothing of the kind. There is a wealth of documented evidence to show that so called ‘free ports’ represent a race to the bottom and lead to erosions in workers rights! We certainly dont need this dose of neo thatcherism in Wales.
Freeports mean one thing. far fewer regulations. Regulations that protect us, the worker. However, that seems to be alright in the belief that bigger profits will somehow trickle down to us anyway, rather than being squirreled away, avoiding any taxation, in some offshore account – which is more far more likely. We won’t benefit from Freeports and neither will Wales, scrap them.