Commenting on the news, DWF's Head of Marine and Trade, Jonathan Moss, said:
"This funding aims to support shipyards and suppliers across the UK in delivering more than 150 new naval and civil vessels over the next 30 years and demonstrates a commitment to reinvigorating the shipping sector. The shipbuilding industry is currently understood to support 42,600 jobs across the UK and the investment is likely to significantly increase this number, supporting the economy and local communities. This will assist with the regeneration of port communities, supporting a range of workers in the shipbuilding industry and their suppliers whilst simultaneously assisting workers with the development of key skills. Additional investment for underwriting the finance of vessel contracts is set to be confirmed in due course.
"On the same day the Ministry of Defence also published its latest National Shipbuilding Strategy, as part of which the Department for Transport will invest £206 million into the UK Shipping Office for Reducing Emissions to accelerate research and development of green maritime technologies. We are seeing a strong focus on the decarbonisation of the marine sector, such as with the recent announcement of a plan to explore the rollout of shore power in UK ports. This further investment suggests that advancing green technology in the marine sector is a high priority for the UK government."