Lots of wholly justified reporting on the impacts of Sir Keir Starmer's punishing austerity policies, but I'm going to show you some figures that reveal just how much corporate welfare is set to benefit those at the top.
Everything is sourced from the UK Govt's website
Freeports: ยฃ8.5 billion in tax reliefs over 25 years, with ยฃ300 million annually for the next two decades.
SEZs: A staggering ยฃ27.25 billion, including ยฃ15.36 billion for Investment Zones alone.
The UK government has already shelled out ยฃ10.14 billion in tax breaks for Freeports and SEZs since 2012. That breaks down as:
Freeports: ยฃ1.5 billion in tax reliefs, including exemptions on business rates and employer NICs, over just three years (2022-2024).
SEZs: An estimated ยฃ8.64 billion in tax breaks, including enhanced capital allowances and business rates relief, over 12 years.
Looking ahead, the government is on track to hand over ยฃ35.75 billion in total tax breaks by 2048:
What do we get for this eye-watering sum?
As of 2024, Freeports and SEZs have created just 22,067 genuinely new jobsโthatโs after accounting for the fact that 66% of Freeport jobs and 80% of SEZ jobs are simply displaced from other areas, not new at all. That works out to a jaw-dropping ยฃ896,246 per job so far, rising to ยฃ936,693 per job if the 25-year targets are met. For context, the median UK salary is ยฃ34,963. That ยฃ896,246 could pay one workerโs salary for 25 years, or support 25 workers for a year. Instead, itโs being funnelled into corporate profits.