Part of 1. Questions to the Minister for Finance and Local Government – in the Senedd at 2:03 pm on 15 September 2021.
Minister, manufacturing accounts for just 10 per cent of the UK's gross domestic product, which is amongst the lowest of all countries in the Organisation for Economic Co-operation and Development. Increasing manufacturing can boost national earnings, and the value of free ports lies in its power to boost economic activity and create new job opportunities in areas of deprivation. A report by the consultancy Mace said that free ports could boost trade by £12 billion a year, increase UK GDP by £9 billion a year and create 150,000 new jobs. I know you just mentioned three points in the previous answer of what you were looking to do and achieve, but do you accept, Minister, that any initial reduction in tax revenue caused by free ports will be offset by the benefits of greater economic activity in deprived areas, more jobs and increased trade, thereby growing the economy as a whole? Thank you.