Export recovery ‘relies on shipping’
The Budget’s plan for an export-led recovery won’t happen without a “strong and vibrant shipping industry”, the Chancellor has been told.
Seaborne international trade is expected to double in the next twenty years, driven by a massive increase in trading with emerging economies.
“This provides huge opportunities for both the shipping industry and the economy as a whole. But we can only reap the rewards of growth in global trade if we are exporting more,” said Guy Platten, Chief Executive of the
UK Chamber of Shipping.
“The Chancellor is absolutely right to focus on exports. Countless new and old businesses are crying out for opportunities to access global markets but for too long have been held back.
“But shipping moves 95% of the UK’s exports so you cannot have an export-led recovery without a strong and vibrant shipping industry. It is why the UKTI needs to get out there and bring new maritime business to the UK in partnership with industry.
“Seaborne international trade is expected to double in the next twenty years, driven by a massive increase in trading with emerging economies. This provides huge opportunities for both the shipping industry and the economy as a whole. But we can only reap the rewards of growth in global trade if we are exporting more.”
The announcement of a VAT cut for maritime rescue services in the Budget is “hugely welcome, and will help ensure the safety of our seafarers,” said Platten.
Maritime services in the UK are worth £32bn to the UK economy, supporting 537,000 jobs.
