The UK has lost US$1.4bn in potential maritime related Gross Value Added (GVA) to the national economy over the last two years, according to a report by consultancy PwC and commissioned by lobby group Maritime London.
The global maritime services market is estimated to be worth $20bn annually. The UK is clinging on to around a quarter of this business as its erstwhile position at shipping’s top table continues to slip.
The UK economy would have benefited from an additional US$700m annually in GVA had it maintained its market share over the past two years, PwC said.
'Significant ground has been lost to international competitors in recent years,' Maritime UK chairman Harry Theochari said. 'Competitors such as the US, China, Norway and particularly Singapore, are all challenging in key areas of development and we must react.'
The PwC report was published in partnership with the City of London Corporation.