City of London (in background). File Image / Pixabay.
An UK free of the European Union could boost opportunities in shipping.
Although London has long been a centre for shipping services, the UK-flagged fleet is tiny representing under 1% of the global fleet.
But under leaked plans reported by British newspapers, a UK operating outside EU rules on state aid could refashion regulation to be more sympathetic to international shipping.
Ideas under consideration include a revamped tonnage tax (where tax is linked to net tonnage) and government-funded seafarer training packages, according to the Financial Times.
David Blumenthal, a lawyer with shipping law firm Clyde & Co, told the FT that "if we're not constrained by EU state aid, we could have more ability to do things that would make the UK more attractive to shipping companies."
The UK is set to leave the EU at the end of the year when the transition period for continued EU membership ends. However, a trade deal between the two parties has yet to be agreed.