The UK Government has recently announced a significant boost to maritime funding, with a substantial increase in subsidies for the training of cadets and ratings.

The training subsidy, which was previously 30%, has been increased to 50% for all existing as well as new tonnage tax brackets and SMarT (Support for Maritime Training) funding. With this move, maritime firms will have access to an extra USD 15.2 million (£13 million) in funding to take on and train cadets.

The new measures align with the UK administration’s dedication to supporting and safeguarding seafarers, as outlined in the nine-point plan for seafarer protection. This plan is committed to improving the long-term working environment for seafarers, as part of its broader objective to boost seafarer safety and welfare.

Part of this plan is the Seafarers’ Wages Bill, which will make sure that seafarers onboard vessels using UK ports are paid a rate equivalent to or over the National Minimum Wage, while they are sailing in UK’s territorial waters.

This boost in funding means that more than USD 23.5 (£20 million) is available this year, which will increase to USD 27 million (£23 million) next.

Grant Shapps, Secretary of State, commended the maritime sector and its workers, who are responsible for over 95% of the country’s freight, on their significant contribution to the UK’s economic progress.

Commenting on the funding boost, he mentioned that the increase in subsidies will be essential to helping people begin their careers in the sector, upskill and contribute to a strong maritime industry over the long run.

Maritime & Coastguard Agency’s Commercial, Programmes & Maritime Business Development Director, Damien Oliver, also spoke about the move, stating that it indicates an important milestone for investment in the future of the UK’s maritime sector and its seafarers. Through these changes, more funding would be available for the training of cadets and ratings, he added.

Funding for eligible cadets and ratings has been made available for this year. This funding will be locked in until September 2024 at least, providing financial security and incentives for those considering a career in the maritime sector.

Source Credit: https://www.gov.uk/government/news/funding-for-cadets-boosted-to-43-million-pounds-over-next-two-years-to-help-build-the-maritime-sector