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UK Shipping minister committed to putting £31.7bn shipping industry centre-stage

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Stephen Hammond to put shipping industry centre stage

Stephen Hammond to put shipping industry centre stage

Stephen Hammond last night underlined the government’s commitment to the UK’s maritime industry and declared its importance to Britain’s economic growth in a speech to top-level shipping executives last night. Contributing £13.8bn to the UK economy directly and enabling a further £17.9bn, the UK’s maritime industry accounts for 2.1% of the entire economy, supports one in every 50 jobs and creates £8.5bn for the UK Exchequer.

Speaking at a Maritime London/Shipping Professional Network London event (1 May), Mr Hammond, Parliamentary Under-Secretary of State for Transport, thanked the shipping industry, saying that its “contribution is appreciated at the highest levels of government” and declaring that “transport is the key to the UK’s growth.”

Announcing the beginning of a “much more coordinated approach from the government to shipping policy”, Mr Hammond cited the establishment of a cross-government forum with the Department for Transport, the Cabinet Office, the Department for Business, Industry and Skills (BIS) and industry bodies such as Maritime London and the Baltic Exchange to discuss how the government can continue to help the industry to prosper.

Mr Hammond said the government particularly welcomes the launch of London International Shipping Week, an event from 13-16 September 2013 focusing on London’s role in the development of global shipping. The world centre for professional and business services to the international maritime industry, London accounts for 21% of premiums in international marine insurance and provides over $64bn in ship finance, and handles £744m of shipbroking activity. London also has the world’s largest concentration of legal firms specialising in the maritime sector.

Concluding the speech at the joint Maritime London and Shipping Professional Network London (SPNL)  event hosted by Clyde and Co., the minister declared himself committed to “protecting our profile as a world leader in shipping”, saying Britain’s maritime sector is a “national asset” and an “industry with a proud past and a very positive future.”

Maritime London Chief Executive Doug Barrow added:

“Collaboration between government and industry is essential if we are to ensure that London and the UK remain a world beating maritime cluster providing services to the international shipping industry.”

 Founded in 2000, Maritime London is a not for profit promotional body for UK based companies which provides professional services to the international shipping industry.

Funded by over 100 companies and organisations from a wide range of disciplines, Maritime London helps ensure that the UK remains a world beating location to base a maritime related business.

Maritime London organises trade missions; connects its members with an extensive network of governmental and company contacts; undertakes research and liaises with government and other industry representative bodies.

Membership of Maritime London is open to any UK based business which provides services to the international shipping sector.

See www.maritimelondon.com for further details.

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