Question to the HM Treasury:

To ask the Chancellor of the Exchequer, with reference to the Department for International Trade’s announcement of 24 March 2021 on the Sovereign Investment Partnership between the UK and the United Arab Emirates, if he will make an assessment of the potential effect of that partnership on tax incentives for (a) businesses and (b) investors in the Tees Freeport.

The Government has developed an attractive and ambitious policy offer for freeports, including tax reliefs, which it is working to introduce as soon as possible.

The Treasury welcomes the Sovereign Investment Partnership announced by DIT and the benefits it will bring to places like Tees.

The precise impacts in freeports will ultimately depend on individual businesses and investors, and MHCLG are currently working with each of the announced freeports to agree their plans.