Categories: Europe, PD Ports, TeesportPublished On: 06.08.2019205 words1.1 min read

BOSSES at a North-East port have claimed freeport status will be a “catalyst” for economic growth across the Tees Valley, but have warned they are also reviewing their operations in case Britain “crashes out” of the EU with no-deal.

Last week, the Government gave the strongest indication yet that it would introduce freeport status to Teesport, with International Trade Secretary Liz Truss, saying the site is “very ahead of the game”.

The Northern Echo:

Research has shown it could create tens of thousands of new jobs in the region, and Jerry Hopkinson, PD Ports’ chief operating officer, said it could “drive industry which is globally moveable to choose to locate in the Tees Valley”.

However, he also warned PD Ports was “mindful” of the continued uncertainty surrounding Brexit, adding they have looked at “various aspects of our modus operandi” in preparation for a no-deal exit.

Freeports include customs and tax benefits, with the aim of reducing costs and bureaucracy, encouraging manufacturing businesses to set up or re-shore.

The Northern Echo:

Mr Hopkinson said: “I don’t think this is simply about Teesport, although Teesport is a fundamental element of the freeport ambition, it is more about what it will bring to the area.

Continue reading in the Northern Echo website here