Britain at risk of losing leading edge in maritime services

Britain’s position as a top hub for maritime services is being eroded by competition, a loss of shipping finance business and the removal of tycoon-friendly tax breaks, a report said, deepening uncertainty for its financial sector as Brexit nears.

The UK has been a pivotal global shipping centre for centuries, especially the City of London, and has dominated marine insurance, ship broking, shipping finance and other maritime services.

These contribute $5.6 billion a year to Britain’s economy, providing employment for more than 10,000 people in highly skilled jobs, according to a report by consultancy PwC, commissioned by trade association Maritime London.

But a shift in global shipping trade to Asia and tougher competition are adding to pressures on this niche sector, the report said.

The global maritime services market is estimated to be worth $20 billion annually.

Via Reuters