Maritime industry, including superyacht sector, vital to UK prosperity

The fullest ever study of the contribution made by the UK maritime sector has underlined its significant contribution to the British economy.
 
According to the report, compiled by Maritime UK, the UK maritime sector has created 7,300 UK jobs in the past two years, and 537,500 UK jobs are now supported by commercial shipping, ports and marinas, and manufacturing and professional services.
 
These encouraging employment statistics are bolstered by news that the industry now contributes nearly £32 billion to UK GDP and provides £8.5 billion in taxes to the Exchequer.
 
Jim Stewart, Chairman of Maritime UK said:
 
“We all know that aviation and railways usually get the headlines, but maritime services are a much bigger contributor to the economy, and the whole country should be proud that one of its oldest industries is continuing to deliver for Britain.
 
“And at a time when the public wants confidence in the tax arrangements of industry, we are pleased to say the industry as a whole contributes £8.5 billion to the Exchequer.”




The superyacht industry is an irrefutable contributor to these revenues but it would be fair to say that its contribution may be overshadowed by the more established commercial sector, which has been a British institution since the days of the Empire.

But superyacht expertise does reside in the UK; from world-leading insurance and legal markets, to top-level new build and refit facilities, and a diverse and extensive supply chain. This is a discrepancy Superyacht UK’s international commercial manager, Tom Chant, acknowledges. For Chant, although the contribution of the superyacht market is obvious, it is difficult to quantify. Of the report though, Chant says, “it does speak of the strength of the overall maritime sector in the UK”, something that is no doubt encouraging for superyacht industry.

This oversight is also a concern for Giles Heimann, secretary general of the International Marine Employers’ Council. Although Heimann believes the report is testament to the vital contribution the the maritime sector makes to the health of the British economy, “it’s sad to note that there is relative ignorance of the dependency placed on the industries which make up the sector, the ships, their operators and the crew who man the ships.”


 
Therefore, rather than using these figures as a reason to celebrate the health of the sector, Stewart urged the British government to build on it and consolidate the position of the UK sector:
 
“The maritime services sector is global by its nature.  The UK has always been seen as a centre of maritime excellence, but with competition emerging from maritime centres elsewhere, these massive economic contributions could be put under threat.  What we need is a consistent maritime strategy from Government that will protect and promote the industry, so that we can carry on creating jobs and playing our part in the country’s economic recovery.”

Related Links

Maritime UK Website

Superyacht UK Profile | Superyacht UK Website

International Marine Employers’ Council Website

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