Harland & Wolff has welcomed the introduction of the Shipbuilding Credit Guarantee Scheme.

The scheme has been specifically crafted to assist buyers in obtaining finance for purchasing UK-built vessels and upgrading existing ships. Under the scheme, the government acts as a guarantor for lenders, facilitating smoother access to funding.

The UK Department for Business and Trade claimed the scheme would create hundreds of UK jobs and contribute millions of pounds to the UK economy based on the demand for commercial shipbuilding.

Welcoming the launch, John Wood, Harland & Wolff CEO, said: "We're delighted to welcome the launch of the Shipbuilding Credit Guarantee Scheme.

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"The scheme will help UK shipbuilders to compete, win orders, and create new high-quality jobs across the country. We look forward to using the scheme as both a customer and builder.

"It's a core deliverable from the National Shipbuilding Strategy, and we are committed to working with colleagues in government and across industry to accelerate its delivery so we can realise the objective of a competitive, innovative, and sustainable shipbuilding enterprise."

Shipbuilding Tsar and Defence Secretary Ben Wallace, said: "As I set out in the National Shipbuilding Strategy Refresh, this scheme will help build confidence in UK shipyards, allowing them to invest in the people and the technology to drive productivity forward in this vital sector of the UK economy.

"Shipbuilding is hugely important to the UK, supporting 42,600 jobs nationwide and adding £2.4 billion to the economy every single year.

"A strong domestic sector helps to support the wider economy’s export ambitions, with 95 percent of UK trade moved by sea."