Will freeports deliver jobs and growth? MPs to hear from experts
The Business and Trade Committee will hear evidence from academics and experts on whether the Government’s plans for freeports and Investment Zones will deliver economic benefits.
MPs are likely to ask witnesses whether the Government’s plans will deliver on their promises of higher employment or economic growth, and whether the Government’s planned funding is sufficient to achieve these aims.
Meeting details
Areas defined as Investment Zones or Freeports are granted relaxed tax and regulation rules, with the aim of driving local economic growth. While the two models are similar, freeports also include streamlined customs procedures to facilitate trade. While Investment Zones are primarily centred around universities, freeports are built around ports.
Twelve Investment Zones are proposed; eight in England and four across Scotland, Wales and Northern Ireland. Detailed announcements have been made on two so far, in South Yorkshire and Liverpool.
Evidence from previous Enterprise Zones suggests they can impact local employment, especially in manufacturing, while their links to university research institutions have been welcomed by some in the sector.
However, critics of the scheme say that any benefits to local investment and employment come at the expense of economic activity from elsewhere. Some critics also say that both the timescale of five years and the investment on offer from the Government are too small to see benefits