Responding to the Labour Party’s announcement that they will create a National Wealth Fund if they form the next Government, Mark Simmonds, Director of Policy & External Affairs at the British Ports Association said:
“A long-term investment fund will be welcome as UK ports plan for the next generation of specialist infrastructure to support the energy transition.”
“UK ports have a strong record in infrastructure, delivering over £1bn of investment last year in new quays, channels and port upgrades. The UK’s offshore energy ambitions will require a large amount of space and specialised infrastructure from ultra-deep water berths and channels to heavy lift quays and significant laydown space. The scale of the UK’s energy ambitions and the next generation of offshore wind deployment mean that considerable UK port infrastructure will be needed. Whilst investment has not been a significant issue so far, offshore energy will increasingly compete with other cargoes and activity for space and further public investment may be needed to realise our shared goals. It is important that any public funding is delivered through a competitive process.
“In order to ensure the UK takes full advantage of the energy transition, it is important that Government ensures planning and consenting regimes are properly resourced and streamlined as far as possible. We also need to see stronger UK Content rules that will see more jobs and more economic activity happening here in UK communities rather than in Norwegian and European ports.”
The BPA are at Labour Party Conference in Liverpool this week. The Labour Party will today (Monday 26 September 2022) announce a National Wealth Fund as part of a new policy announcement on their plan to support growth. Please contact mark.simmonds@britishports.
