SIX months since the Brexit vote, confidence among British Marine members has bounced back and the industry is now calling for government support to boost exports.
A new report, released at the London Boat Show, finds that the UK leisure, superyacht and small commercial marine industry is posting revenues not seen since the financial crash.
Key findings include:
- In 2015/16 revenues grew by 6%, to £3.01bn (the last time the industry posted revenues of over £3bn was 2008/9)
- The industry directly contributes over £1.11bn of Gross Value Added to the UK economy (an increase of 3.7%)
- Marine businesses now support over 33,000 full-time equivalent employees (up 4.6%)
- Exports make up 29% of industry revenue
These figures are supported by British Marine’s bi-annual Industry Trends survey which gauges business sentiment from the last six months, since the Brexit vote.
The survey found that after a initial negative outlook, business confidence has returned.
Commenting on the state of the industry, Howard Pridding, CEO of British Marine said: “The industry remains robust – revenue is growing and we are taking on more employees. Despite the post-referendum volatility impacting on business and consumer confidence the industry remains bullish and keen to take advantage of the short and medium term opportunities that lie ahead, starting with the 2017 London Boat Show.”
Commenting on the need for government support, he added: “We will continue to work closely with Government to ensure the sector is given as much backing as possible from Government especially as the Brexit negotiations begin.
“Access to the single market is of course important, but member companies are keen to minimise tariff and non-tariff barriers. Members are also keen to maintain access to skilled workers from across the EU and the government needs to do all it can to make sure that any future immigration policy with the EU supports marine businesses that are ambitious to grow and export.”