News: Maritime UK publishes budget submission

Maritime UK has published its submission to HM Treasury ahead the budget, which is due to be announced in March.

The submission includes a letter from the Maritime UK Chair, Harry Theochari, to the Chancellor of the Exchequer:

"The UK is one of the world’s leading maritime nations.  Not only does the sector bear unique responsibility for enabling trade with the rest of the world, but we also export innovative maritime products and services. With cutting-edge technology, high-quality design and manufacturing, unparalleled expertise in services and major investment opportunities, the UK can claim to be the natural home for global maritime business.

"However, this should not be taken for granted. Maritime is the most global of industries and other countries are keen to establish and strengthen their positions as competitive alternatives. The decision to embrace maritime in countries like Singapore and across Scandinavia means the UK’s historic position as the default place for maritime investment and business is being aggressively challenged. 

"Maritime makes a unique contribution to coastal communities across Britain. Economically and emotionally hard wired into the fabric of these communities, following our withdrawal from the European Union, we have a golden opportunity to transform their fortunes by backing this sector. A sector forecast to double in size to $3trn by 2030. Already supporting a total  1.1m jobs, adding £46.1bn to the national economy and investing over £500m each year in our ports, the sector is well placed to contribute to a national renewal for our coastal communities, and in doing so rebalance our economy. 

"There is no greater moral or economic challenge  than responding to climate change, and the sector  is committed to reaching net zero by 2050, but there is a tremendous amount for us to do to get there. Both in finding the technological solutions to move vessels,  and then to be able to service them in our ports and across inland waterways. Meeting the challenge will require serious investment by both industry and government, and we must act now. Alone, industry  will not be able to get us there. 

"The government has made a positive start on this  agenda through Maritime 2050, however there are specific regulatory changes that need to be implemented and key projects that must receive government investment to enable the next stage of delivery to ensure our position through the next decade. 

"We look forward to engaging with you and your team  on this agenda and working together to ensure that the UK is able to realise its potential in the coming decade following our withdrawal from the European Union."

Maritime UK’s budget submission urges the Chancellor to consider action in the following areas: 

  • Supporting maritime growth in coastal communities to help level up all parts of the United Kingdom 
  • Building a comprehensive package to support decarbonisation in the maritime industries 
  • Supporting more SME maritime companies to export