A new shipbuilding scheme is set to create hundreds of new jobs in the Southampton area.
The government-launched Shipbuilding Credit Guarantee Scheme has been created to help buyers purchase UK-built ships.
The Solent’s ‘strong shipbuilding industry’ is expected to play a huge part in contributing hundreds of millions to the UK economy.
Minister for Industry and Economic Security, Nusrat Ghani, said: “Shipbuilding is an integral part of the UK’s industrial identity and through this scheme we are backing our great maritime businesses to get ahead of the competition.
“With cutting-edge vessels designed and built here in the UK this will be a boost to high-skilled careers and every company involved in the supply chain for shipbuilding, helping us to grow the economy.”
It is hoped the scheme will create new, high-skilled jobs at existing yards.
On average, one job is created for every £145,000 of turnover on a shipbuilding contract.
If a shipyard contract of several million pounds was secured in Southampton, then this would likely create a dozen or so new, high-skilled shipbuilding jobs.
It will specifically target shipbuilding funding for ferries and offshore wind support vessels, with a lot of demand from buyers for orders in Southampton currently.
Hythe and Ambrey shipyards are expected to benefit, alongside Wight Shipyard.
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Maritime UK CEO Chris Shirling-Rooke MBE said: “We applaud the government for delivering on the pledge it made to industry in the National Shipbuilding Strategy Refresh by launching the Shipbuilding Credit Guarantee Scheme.
“The SCGS is a massive vote of confidence from government, and it will empower the UK’s shipbuilding enterprise to compete fairly on the global stage in doing what it does best: building Great British ships.”
Defence Secretary, Ben Wallace said: “As I set out in the National Shipbuilding Strategy Refresh, this scheme will help build confidence in UK shipyards, allowing them to invest in the people and the technology to drive productivity forward in this vital sector of the UK economy.”
Nusrat Ghani launched the scheme at an event onboard a Thames Clippers’ boat – built at Wight Shipyard, on Wednesday.
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