Today, Business Minister Michael Fallon is to unveil a joint Government and industry plan to bolster British marine exports and reinforce the competitiveness of UK businesses at the Tullett Prebon London Boat Show. The minister – also Co-Chair of the Marine Industries Leadership Council – will outline what challenges face the industry and the steps to be taken to help businesses capitalise on emerging markets.
London Boat Show - Photo onEdition
1 The strategy is being led by UK Trade & Investment, and lays the foundations for a long-term strategic vision for the future of the British marine industry.
2 The British marine industry currently contributes approximately £19 billion per year to the UK economy. This is predicted to grow to around £25 billion by 2020.
The government’s economic policy objective is to achieve ‘strong, sustainable and balanced growth that is more evenly shared across the country and between industries’. It set four ambitions in the ‘Plan for Growth’ (PDF 1.7MB), published at Budget 2011:
• To create the most competitive tax system in the G20
• To make the UK the best place in Europe to start, finance and grow a business
• To encourage investment and exports as a route to a more balanced economy
• To create a more educated workforce that is the most flexible in Europe.
Work is underway across government to achieve these ambitions, including progress on more than 250 measures as part of the Growth Review. Developing an Industrial Strategy gives new impetus to this work by providing businesses, investors and the public with more clarity about the long-term direction in which the government wants the economy to travel.
