UK to invest $5.3 billion in shipbuilding

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LONDON, March 10 (Reuters) – Britain plans to spend 4 billion pounds ($5.3 billion) on the shipbuilding sector including investment in zero-emission vessels.

Prime Minister Boris Johnson will announce plans on Thursday, which he said would deliver a pipeline of more than 150 new naval and civil vessels.

Britain says its shipbuilding industry, underpinned by companies such as Babcock BAB.L, supports 42,600 jobs in ports including Cornwall in the southwest of England, Belfast in Northern Ireland and Scotland’s Govan, contributing more than 2.8 billion pounds to the economy.

As part of the strategy, the government will invest 206 million pounds in the UK Shipping Office for Reducing Emissions which will provide research and development on zero-emission vessels and infrastructure.

It said UK-SHORE will look at ways to promote investment in clean maritime technologies, including investment in port infrastructure.

Johnson became prime minister in 2019 following a campaign to “level up” the country, spreading affluence beyond the southeast of England by promoting higher-paying jobs and boosting productivity.

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