A new government scheme to help ship buyers access finance to buy UK-built vessels and upgrade existing ones will boost shipbuilding jobs in the Solent region, including here on the Isle of Wight.
Through the Shipbuilding Credit Guarantee Scheme (SCGS) the Government will act as a guarantor for lenders, unlocking credit for maritime firms. It will guarantee a percentage of the value of loans used to purchase, refit, retrofit or repair vessels, sharing the risk with lenders to encourage offers of finance to UK vessel owners and operators.
The SCGS is expected to create hundreds of new jobs and contribute hundreds of millions of pounds to the economy, according to government estimates based on the demand for commercial shipbuilding in the UK.
Companies such as Wight Shipyard Co. in East Cowes will benefit from this boost to UK shipbuilding.
Nusrat Ghani, Minister for Industry and Economic Security, has 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.”
The scheme also forms part of the Government’s £4 billion plan to revitalise UK shipbuilding and coastal communities through the National Shipbuilding Strategy Refresh announced last year.
Minister Nusrat Ghani will formally launch the scheme at an event onboard a Thames Clippers’ boat – built at Wight Shipyard in East Cowes – later on today (Wednesday).
Ben Wallace, Shipbuilding Tsar and Defence Secretary, has 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.”
Perhaps they could build us a new WORKING chain link ferry first
Always look after your own first
Excellent point