'Freeport' status for Felixstowe and Harwich announced in Chancellor's Budget

Felixstowe Port, Suffolk. Credit: ITV News Anglia

The ports of Felixstowe and Harwich have been announced as locations for new 'Freeports' in the Chancellor's Budget.

Freeports are special economic zones with different rules to make it easier and cheaper to do business.

The eight new 'Freeports' announced by the Chancellor:

  • Felixstowe and Harwich

  • East Midlands Airport

  • The Humber Region

  • Liverpool City Region

  • Plymouth

  • Solent

  • Thames

  • Teesside

Mr Sunak said the freeports will have "simpler planning", "cheaper customs, with favourable tariffs, VAT or duties", and lower taxes, with "tax breaks to encourage construction, private investment and job creation".

MPs have been reacting to the announcement, James Cartlidge MP for South Suffolk said, " A Budget for the future of Suffolk’s economy. Delighted to have a Freeport for Felixstowe, creating jobs & opportunity in our county."

While the MP for Suffolk Coastal, Therese Coffey said it was "great news" that the bid was successful.

The new Freeport East will be centred upon the Port of Felixstowe and Harwich International Port, both are owned by Hutchison Ports.

The news was welcomed further afield by the Mayor of Cambridgeshire and Peterborough, James Palmer.

He said the Freeport would be a major magnet for domestic and international investment in the East Anglian region.