Sheffield City Region makes bid for 'free port' status
Politicians and business leaders have submitted a bid for a large part of South Yorkshire to become a "free port".
The move could create 28,700 jobs and add £169m to the county's economy, according to Sheffield City Region. Free ports are ports - either inland or coastal - where normal tax and customs rules do not apply. The Sheffield City Region bid centres around Doncaster Sheffield Airport and the iPort logistics hub in Doncaster. The government is looking to create 10 free ports across the UK and is expected to announce its choices in March. Backers for the South Yorkshire bid include Sheffield Forgemasters, Liberty Steel, McLaren Automotive and the county's four chambers of commerce. What are free ports? Also called free trade zones, they are designated areas where the normal tax and tariff rules of the country in which they are based do not apply. They allow goods to be imported, manufactured and re-exported without being subject to checks, paperwork, or import taxes, known as tariffs. This means raw materials can be imported, then engineered into whole products for export. Typically, companies operating in the zone pay lower taxes, such as reduced VAT and lower rates of employment tax. But critics argue they simply defer the point when import tariffs are paid, which then still need to be paid at some stage. The Sheffield City Region said, if successful, the project would "further establish the region as a hub for global trade and investment". Dan Jarvis, Sheffield City Region Mayor, said: "Establishing a free port will help our region's businesses and universities export ideas, goods and services across the world." Jon Ferriman, Liberty Steel UK managing director, said: "We are determined that more well-paying jobs in advanced manufacturing come to South Yorkshire and the free port is the way to do it." Follow BBC Yorkshire on Facebook, Twitter and Instagram. Send your story ideas to yorkslincs.news@bbc.co.uk. Related Internet Links Sheffield City Region