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Boris backs Singapore-style tax-free trading zone after receiving £25k donation from port owners

The owners of Bristol Port made a substantial contribution to Johnson’s coffers shortly before he called for Bristol to become one of the ports used in a pilot scheme to provide tax-free trade zones after Brexit.

Jack Peat by Jack Peat
July 8, 2019
in Politics
Boris backs Singapore-style tax-free trading zone after receiving £25k donation from port owners

Boris Johnson has backed a plan for Singapore-style tax-free trade zones at ports across the country after his campaign received a £25,000 donation from port owners.

A Buzzfeed News investigation revealed that the owners of Bristol Port made a substantial contribution to Johnson’s coffers shortly before he called for Bristol to become one of the ports that will be part of a pilot scheme to provide tax-free trade zones after Brexit.

The owners are likely to profit significantly from the move after the ex-mayor of London said he was “firing the starting gun on free ports for Britain”.

The concept would be easier to deliver once outside of Brussels customs union rules that demand European Union members apply the same import tariffs.

The creation of so-called “free ports” would allow the city’s port to operate outside of the UK’s customs regime, meaning taxes on imports would not apply, allowing port chiefs to save vast amounts in taxes, given the majority of trade into the ports comes from goods arriving into the city.

Free ports can also offer other tax breaks, including waiving business rates and giving companies in the free zones five to 10 years holidays from paying national insurance contributions for employees.

In the report highlighted by the Tory leadership frontrunner, it claimed there could be at least six free ports established across the UK after Brexit, including in Bristol.

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It said “an aeronautics cluster at Bristol port, exploiting existing linkages across the Midlands” could be set-up, along with similar facilities in the Tees Valley, Liverpool, Hull, Grimsby and Belfast, in a bid to make Britain an attractive trade proposition after leaving the European Union.

Johnson endorsed the idea after receiving a donation from First Corporate Shipping, which trades as the Bristol Port Company, on 22 May.

First Corporate Shipping also donated £25,000 to Jeremy Hunt’s leadership campaign.

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Jack Peat

Jack Peat

Jack is a business and economics journalist and the founder of The London Economic (TLE).He has contributed articles to The Sunday Telegraph, BBC News and writes for The Big Issue on a weekly basis.Jack read History at the University of Wales, Bangor and has a Masters in Journalism from the University of Newcastle-upon-Tyne.

Comments 3

  1. Gaynor Holmes says:
    5 months ago

    The real reason the toffs are desperate to come out is that the EU are clamping down on tax avoidance. Gaynor Holmes

    Reply
    • Peter Day says:
      5 months ago

      Yes and out of about the 92 directives that were voted on in the EU each member had to take them back to their own parliaments to be agree on, the only 2 that our mp (ABSTAIN ON VOTING FOR IN THE EU PARLIAMENT WAS THE LAW ON TAKING MONEY TO TAX HAVENS.) I is any wonder that millionaires like R.MOGG, DORIS JOHNSTON and their elk are BRAINWASHING the pesents to

      Reply
    • Jason says:
      5 months ago

      Try looking at some facts….. They have ‘carefully’ avoided including THREE EU members in their tax avoidance laws. The 3 countries most of the EU top job holders come from… coincidence? I think not. Look them up if you dare.

      Reply

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