A new report by consultancy PwC, commissioned by lobbying group Maritime London, claims the UK has lost $1.4bn in potential maritime-related GVA (gross value added) to the national economy over the last two years, as its erstwhile position at shipping’s top table has slipped.
“We estimate that if the UK had maintained its market share over the last two years, this would have resulted in an additional US$700 million p.a. (annually) in GVA (gross value added) for the UK economy,” said the report, published in partnership with the City of London Corporation.
The global maritime services market is estimated to be worth $20bn annually, with the UK still clinging on to around a quarter of this business, according to the PwC report.
“Significant ground has been lost to international competitors in recent years. Competitors such as the US, China, Norway and particularly Singapore, are all challenging in key areas of development and we must react,” Harry Theochari, chair of another group, Maritime UK, was quoted as saying by Reuters.