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Tuesday, May 17, 2022

UK to invest £4 billion into shipbuilding over next 30 years

In Britain, the Government has said that a £4 billion investment in regional shipbuilding in the United Kingdom will create tens of thousands of jobs for the people and result in the production of more than 150 new naval and civil vessels over the next 30 years.

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In Britain, the Government has said that a £4 billion investment in regional shipbuilding in the United Kingdom will create tens of thousands of jobs for the people and result in the production of more than 150 new naval and civil vessels over the next 30 years.

According to sources, the multi-billion pound investment, which Prime Minister will unveil during a visit to a Merseyside dockyard on Thursday, will “galvanise” shipyards and suppliers across the UK.

The investment for the new vessels of £4 billion was announced in the 2020 Spending review and the 2021 Autumn Budget.

Meanwhile, the Defence Ministry (MoD) will publish its refreshed National Shipbuilding Strategy (NSbS).

Moreover, as per the sources, this will outline how the Government intends to assist shipyards across the country in upskilling workers, creating employment, advancing technology, and ensuring the industry “delivers on next-generation challenges.”

It is said that the strategy will also build upon the country’s “increased support for European defence capability in the face of Russia’s aggression,” with British defence giant Babcock International Group plc chosen as Poland’s preferred partner to deliver 3 new warships based on the United Kingdom’s Type 31 design.

Furthermore, PM Johnson stated shipbuilding had been “in our blood for centuries”, and it should remain “at the heart of British industry of generations to come”.

“The National Shipbuilding Strategy will transform this crucial industry, creating employment, driving technology development, and upskilling tomorrow’s shipbuilders, ensuring we are levelling up throughout every dock, port, and shipyard in the UK,” he said.

“This will ensure that Britain is rightly seen as a shipbuilding power across the world.”

As a part of the strategy, the Transport Department will inject £206 million into the UK Shipping Office for Reducing Emissions (UK-Shore).

In addition, Defence Secretary Ben Wallace said: “As shipbuilding tsar, I am proud to be announcing our new strategy; this is an exciting time to be involved in the sector.

“With significant Government investment, we will be levelling up across our shipbuilding workforce, from shipyard to supplier, from procurement to designer, creating tens of thousands of new employment opportunities, boosting living standards and pay.

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