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K shipping has, however, weathered the storm. The tonnage tax regime continues to provide a stable fiscal climate,

and the United Kingdom remains a competitive place to do business. According to the latest statistics, published by Maritime UK in December 2012, the industry directly employs 145,500 people, including 48,200 UK nationals. This figure shows a 17% rise in shipping’s contribution to UK employment, with 7,000 additional jobs being created at home since 2009. The industry contributed £5.6bn towards UK GDP. Although this represented a modest contraction compared to figures presented in previous research for 2009, the economic contribution of the shipping industry in the last decade has seen annualised growth of 10.6% in real terms.


The shipping sector continues to face unprecedented challenges from the weak economic environment. Amidst a backdrop of sluggish growth in the UK, uncertainty within the Eurozone and a slowdown in growth across emerging economies in Asia, global shipping has had to fight against the tide

Furthermore, UK shipping generated £581mn to the Exchequer, proving that having a strong, stable and competitive fiscal regime can work not just for the industry, but for the country as a whole. When indirect and multiplier effects are

taken into account, in 2011 the shipping industry is estimated to have supported 287,000 jobs (190,000 UK jobs), contributed £12.5bn to UK GDP and provided £2.8bn in tax receipts.

Shipping is a diverse industry, and some

sectors are better able to cope with a weak economy than others. But UK shipping as a whole has shown remarkable resilience. The Chancellor of the Exchequer said he wanted the UK to trade its way to prosperity. These latest statistics show that shipping remains at the forefront of trade, and is continuing to deliver for Britain in difficult times.

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