Chancellor of the Exchequer Rachel Reeves is expected to announce the approval of five new freeports across the UK in her upcoming budget. This move is in line with Conservative policies aimed at stimulating investment and managing public spending.

The announcement, set to be made on Wednesday, will provide details on the locations of these freeports, which offer tax exemptions on trade to boost local economies.

Additionally, Reeves will introduce an investment zone in the East Midlands, targeting the region's high-tech green industry to attract private investment. This initiative reflects the government's commitment to promoting economic growth and innovation in key sectors.

The government's strategy for regional development is emphasized in the official statement released on Friday.