Labour to announce plans for five new UK freeports in budget

Starmer says new low-tax zones, a policy inherited from the Tories, will have this government's stamp on them'

Downing Street will announce five new freeports in next week's budget as part of its effort to drive economic growth.

Ministers will set out plans to establish five new low-tax zones, plus an investment zone in the East Midlands, where businesses will benefit from tax breaks such as lower tariffs and customs.