Question to the Department for Business and Trade:

To ask the Secretary of State for Business and Trade, what estimate she has made of the value to shipyards of the Shipbuilding Credit Guarantee Scheme.

The Shipbuilding Credit Guarantee Scheme (SCGS) is a £500m loan guarantee scheme, supporting eligible ship buyers and operators to access finance to buy UK-built vessels and upgrade existing ones. The scheme forms part of the Government’s £4bn plan to revitalise UK shipbuilding and coastal communities through the National Shipbuilding Strategy Refresh, announced in 2022.

The value generated by the scheme will depend on the details of individual transactions, but each SCGS deal agreed will directly benefit UK shipyards, supply chains and coastal communities right across the UK.