Boris Johnson plans to spend $5.3 billion into shipbuilding

Boris Johnson plans to spend $5.3 billion into shipbuilding
March 10, 2022, 7:18 am

Solan project in Scotland (File photo: Pixabay)

The Bnn Bloomberg reported, citing Bloomberg, Boris Johnson plans to plow 4 billion pounds ($5.3 billion) into shipbuilding to help secure the industry’s future in the U.K. and deliver more than 150 naval and civil vessels over the next 30 years.

Johnson said in a statement Thursday: “Shipbuilding has been in our blood for centuries and I want to ensure it remains at the heart of British industry of generations to come.” This comes ahead of a visit to a dockyard in Merseyside, northern England.

The announcement buttresses the prime minister’s key election pledge to boost regional economies and create jobs, but also comes as Russia’s invasion of Ukraine dominates the political agenda.

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According to the report, bolstering shipbuilding -- which the government said supports 42,600 jobs and contributes 2.8 billion pounds to the economy -- is central to the U.K. defense strategy.

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According the statement, the government also plans to spend 206 million pounds to fund research and development into zero emissions vessels.

Source: bnnbloomberg

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