UK maritime sector flourishes in wake of Brexit

September 12, 2017 – Maritime productivity, employment, turnover and contribution to GDP have increased in the UK over a five-year period, according to a report by Maritime UK.

The report, which was released to coincide with London International Shipping Week, found that over five years, the British maritime sector had experienced a 12.7% increase in turnover, 6.6% increase in GVA and 3.9% increase in employment.

It also showed that productivity per worker stood well above the UK average at GBP 77,897, compared to GBP 50,830, and that the sector contributes nearly GBP 40 billion to the UK economy.

As it prepares to play a greater role in the economy in the wake of Brexit, the sector continues to invest in its people, with average pay also well above the UK average at GBP 39,300, compared to GBP 27,600.

The report “shows the vital role that maritime already plays in British life,” David Dingle, chairman of Maritime UK, said.

“As the engine of British trade, the UK maritime sector supports nearly 1 million jobs, contributes tens of billions to the UK GDP and drives exports as well as inward investment. Half a trillion pounds worth of goods pass through UK ports each year,” Dingle said.

“The importance of the sector will only grow post-Brexit. We’re supremely confident that we can play a crucial role in positioning Britain as an outward-looking, global trading maritime nation,” he added.

Source: World Maritime News