Historic shipyard that built Titanic likely to be among those benefiting from scheme
The government hopes to boost sales of British-made ships with £500m of credit guarantees.
The Department of Trade has agreed to stand behind borrowers who wish to use funds to buy UK vessel, a policy it hopes will provide a shot in the arm for struggling British yards.
While shipbuilders in the defence sector are aided by long-term orders from the Royal Navy, civilian manufacturers have struggled to compete with cheaper yards overseas.
Likely beneficiaries of the government’s new scheme include Harland & Wolff, owner of the historic Belfast shipyard where the Titanic was built; Cammell Laird, which built the polar research vessel which narrowly avoided being dubbed Boaty McBoatface; and Wight Shipyard, builders of the Thames Clipper commuter vessels.