The UK government has confirmed its intention to launch a new Home Shipbuilding Credit Guarantee Scheme by the end of this year.
The scheme, designed for domestic operators, is intended to encourage more UK builds by underwriting lending in partnership with commercial lenders.
The scheme was originally intended to be introduced earlier this year but has been delayed.
Earlier this month, Steve Double, the Member of Parliament for St Austell and Newquay, submitted a written parliamentary question asking what plans the Department for Business, Energy and Industrial Strategy (BEIS) had to ‘support maritime and shipbuilding’.
On 28 October, Nusrat Ghani – who is now the Minister responsible at the BEIS Department and was formerly a Maritime Minister, responded by saying: ‘BEIS is supporting the delivery of the refreshed National Shipbuilding Strategy led by the Ministry of Defence. The Home Shipbuilding Credit Guarantee Scheme will underwrite lending, in partnership with commercial lenders, for domestic operators to encourage more UK builds and is a key priority for early delivery. I am bringing forward our specific proposals for the scheme to Government colleagues, with a view to updating Parliament and launching a scheme this calendar year.’ In a statement issued today (28 October) welcoming the news, Maritime UK said: ‘Industry has long called for the reintroduction of the Home Shipbuilding Credit Guarantee Scheme and has been supporting government with the development of the proposals.’
