£4bn funding package for UK shipbuilders to deliver 150 new vessels
The domestic shipbuilding sector has been struggling for some time due to strong competition from China and other Asian countries. But the government hopes its new multi-billion pound investment will help to stimulate the industry for the next 30 years with orders coming in for naval and civil vessels for the UK government as well as devolved administrations. The £4bn in funds for the new vessels was originally announced in both the 2020 Spending review and the 2021 Autumn Budget. The funding comes as the Ministry of Defence prepares to publish its refreshed National Shipbuilding Strategy (NSbS) today, which will outline how the government will support UK shipyards across the nation to upskill workers, create high-quality jobs and drive technology development. The strategy also builds…