Liverpool City Region (LCR) and Freeport East, which covers three sites in East Anglia, will join freeports that are already operating in Plymouth, Solent in Southampton, and Teesside.

Both freeports will receive £25m in seed funding from the government to help boost investment and support the growth of regional businesses.

Freeports benefit from a range of subsidies, including tax reliefs, customs advantages, reduced business rates, planning, regeneration, and trade and investment support.

Tax incentives include enhanced capital allowances, relief from stamp duty land tax and reduced employer National Insurance contributions for new employees.