Why Freeports are a terrible idea
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- Опубликовано: 3 фев 2021
- The government is proposing that there should be at least ten new freeports in the UK. These were so useless the last time that they were tried in the UK that the programme was abandoned, by David Cameron. But this time Rishi Sunak is pushing them harder. This time they will create ten new internal borders in the UK, which are the last thing that we need, and will undermine the security of employees who work there whilst being notoriously open to criminal abuse because of the light-touch regulation that they involve. In this short video I explain why they really are not a good idea.
ABOUT RICHARD MURPHY
Richard Murphy is a chartered accountant. After training with what is now KPMG he established his a firm of accountants in London, of which he was subsequently senior partner, in parallel with a career as an entrepreneur and company director which lasted until his early 40s. He then moved to a career in campaigning and academia. He co-founded the Tax Justice Network in 2003, the Green New Deal in 2008, the Fair Tax Mark in 2013 and the Corporate Accountability Network in 2019. From 2015 to 2020 he was Professor of Practice in International Political Economy at City, University of London and is now Visiting Professor of Accounting at Sheffield University Management School. His best known book is ‘The Joy of Tax’.
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I'm beginning to lose count of the number of objectively terrible ideas that Sunak is said to be in favour of.
Just another loophole for big business’ to avoid tax.
thanks for this, i really can't understand the enthusiasm to try this project again.
Thank you Richard 👍
Spot on
Seems that the SNP are excited about the recent news from Sunak that Scotland will get freeports. Something stinks in this Scottish Government.
Hi Richard, do you have sources for your research? Would love to read more, especially about the link to criminality.
Listen to LBC a uk exporter explain why is bad or google
In the popular press, you can look up the books Kleptopia, Treasure Islands (by Shaxson), and Moneyland by Bullough. For a more technical discussion, see Cassara's Money Laundering and Illicit Financial Flows, among others. This is a huge issue. Also, at the end of his video he mentions his blog, check there.
Freeports have been beneficial to a few places but only under some conditions: They must be on the crossing point of big trading routes (the UK isn't, they are just one small endpoint of the trading routes ending in Europe) and they must be in areas with an abundance of cheap labor (the UK isn't. Nearly full employment and high wage costs). Another condition would be relative undeveloped legal structures so that all the extra rules for a freeport don't interfere too much with the rest of the area - the UK doesn't fit here either.
There were good reasons why the UK abandoned all their freeport and nothing has changed which may suggest they could work today.
Just more wishful thinking of free market fanatics.
WHO IS IT THAT WANTS TO STAY IN CRIMINAL UK/ENGLISH UNION!???
👍
Would there be any excuse for building free ports if the UK was in the EU single market?
We're not creating "ten new borders". The point is that inside a free economic zone we can add value to raw goods and sell *out* of the UK to other countries, where there are customs borders to deal with anyway.