Government announces new shipbuilding lending scheme to boost UK coastal communities

Posted on 26 Jul 2023 by The Manufacturer
Aerial view of Samson and Goliath Cranes at Harland and Wolff Shipyard Dockyard where RMS Titanic was built at Titanic Quarter Belfast Northern Ireland. Credit: Shutterstock
The Shipbuilding Credit Guarantee Scheme (SCGS) will help to boost the UK shipbuilding industry and drive growth in areas such as Liverpool, Plymouth, the Solent, Rosyth, Clydebank and Belfast (pictured). Credit: Shutterstock

A new government scheme has been announced to help ship buyers access finance to buy UK-built vessels and upgrade existing ones will boost Britain’s coastal communities.

Through the Shipbuilding Credit Guarantee Scheme (SCGS) the Government will act as a guarantor for lenders, unlocking credit for maritime firms. It will help to boost the UK shipbuilding industry and drive growth in areas such as Liverpool, Plymouth, the Solent, Rosyth, Clydebank and Belfast. Minister for Industry and Economic Security Nusrat Ghani said: “Shipbuilding…

This content is for subscribers only. Subscribe now for free to read the full article.