Wirral and the rest of Merseyside has been given a major boost after it was confirmed that the Liverpool City Region has been successful in its application to become a freeport.

Chancellor Rishi Sunak announced in his budget speech on Wednesday (March 3) the eight locations across England which are all set to benefit from the post-Brexit status.

They included East Midlands Airport, Felixstowe and Harwich, the Humber region, Plymouth, Solent, Thames and Teesside as well as the Liverpool City Region.

Mr Sunak said the “special economic zones with different rules to make it easier and cheaper to do business” would come with simpler planning, cheaper customs – with favourable tariffs, VAT or duties – and lower taxes, with “tax breaks to encourage construction, private investment and job creation”.

The freeport model works by allowing companies to import goods tariff-free and only paying once it is sold into the domestic market, or exporting the final goods without paying UK tariffs.

The Chancellor's announcement was warmly greeted by bosses at the regeneration firm behind Wirral Waters.

Anthony Hatton, Director of Strategic Projects for Peel L&P, commented: “We’re delighted to hear the Chancellor’s announcement that the Liverpool City Region’s bid to become a Freeport has been successful.

"We’re proud that our Wirral Waters and Port Salford developments have helped to the strengthen the case. As a hub for global trade and investment, the Freeport will promote levelling up through regeneration, attracting foreign investment, creating new jobs and facilitating innovation, particularly in low carbon technology.

“Wirral Waters is a nationally significant regeneration site that will support manufacturing and, through the creation of a £23m Maritime Knowledge Hub, will be a focus for dedicated maritime and decarbonisation innovation.

"The inclusion of our Port Salford tri-modal freight facility and distribution park will provide an inland customs site with rail access to the Port of Liverpool and the West Coast Mainline."

Further announcements are still expected on freeports within the devolved administration, with the Governement committing to creating 10 in the UK.