Government spending cuts and the planned rise in VAT to 20 per cent could shake the new found confidence in the marine industry, Rob Stevens, chief executive of the British Marine Federation revealed at the 42nd Southampton Boat Show.
‘Forty per cent of the industry sees future prospects as good or excellent, while only 14 per cent is negative,’ he said,’sailing businesses have bought 350 show stands this year, up from 287 in 2009 and de-stocking of marine products is over. The general sailing public have also bought 22 per cent more tickets to the show. The marine industry as a whole has seen its first growth in turnover since May 2008.
‘But the impending Government spending cuts and the planned rise in VAT to 20 per cent means there is still potential economic uncertainty ahead.’