The status and economic impact of UK shipping
The UK is a world-leading maritime services centre, with one of the largest clusters of marine insurance, ship finance, law, classification societies, shipbroking, education and consultancy organisations based in the heart of London.
Shipping has been a major source of growth for the UK economy over the last decade, following a dynamic revival of the UK fleet. Latest data shows that shipping, ports and the maritime business and services sectors:
- contribute £31.7bn to UK GDP
- support 537,500 UK jobs and
- provide £8.5bn in tax receipts to the UK exchequer.
Shipping is a high-productivity industry, and requires a stable and competitive environment in order to continue to thrive in the UK. The Government’s continued commitment to tonnage tax is crucial to ensure that the UK remains an attractive location for maritime investment.