The UK and Welsh governments jointly confirmed that the Anglesey freeport and Celtic freeport had won the bids to establish new freeports.

Both sites were chosen to exploit opportunities from renewable energies and the government said they would ‘make a significant contribution to achieving the UK’s net zero ambitions’.

The sites are estimated to attract an estimated £5bn in private and public investment and create over 20,000 high-skilled jobs.

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