The government has launched a credit guarantee scheme as part of measures to support the UK shipbuilding industry.
About £500m ($645m)-worth of guarantees are available for loans of 12 years, covering 80% of value for ships of any size, with no tonnage restrictions.
Industry and economic security minister Nusrat Ghani — who has been closely involved in developing a comprehensive $4bn package to promote the industry — said the loan guarantees are the sort of backing British shipbuilders have been crying out for to compete with similar schemes abroad.
