LONDON: UK government will try to save £10bn ($15.4bn) from cutting unnecessary regulation of the maritime industry, UK minister for shipping and ports Robert Goodwill said.
Addressing a shipping audience during a London International Shipping Week seminar, Goodwill said the Conservative administration will continue listening to ideas and suggestions from the industry.
Goodwill said the UK has managed to save £10bn in the last five years and the target remains the same for the next five years.
Citing British philosopher Adam Smith, he pledged to retain the principles of world trade and support.
He said: “My position is crystal clear. Supporting the shipping industry is supporting the free principles of the market.
No government could design such a system of long-sea trade.”
But he added that the shipping industry should be in close collaboration with governments in order to ensure competition of free markets.
Goodwill once again pledged to make efforts to establish the UK as a world leader in the maritime industry.
Successful world trade matters to all of us,” the minister said.
Goodwill, referring to owners’ relative neglect of the London Stock Exchange, also said: “We would like to fix the problem and see why owners are getting listed in the US or in the Far East.”
