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UK Port Investment Surpasses Pre-Pandemic Levels

Despite current volatility where the pandemic is concerned, stats now show that investment in UK ports surpassed £1 billion in 2021, supported by various larger projects including the £300 million fourth berth at DP World’s London Gateway, which will raise the port’s capacity by a third.

Research from the British Ports Association (BPA) also shows that investment in modernising of buildings, pilot vessels and port machinery has added at least a further £75 million to the overall total, although it’s believed that this is an underestimation.

Other investments of note include the new £9.2 million bulks terminal at Teesport, the £50 million expansion at the Port of Cromarty Firth, the £60 million programme of redevelopment works now underway at Pembroke Port and the £25 million development of the Port of Lowestoft’s Eastern Energy Facility.

Director of policy at the BPA Mark Simmonds observed that UK ports will continue investing in critical infrastructure, as well as plants and equipment, with more than 100,000 highly productive jobs supported in coastal communities.

He went on to add: “New analysis today shows that many ports are already bouncing back and meeting demand across a number of sectors, although there remains significant volatility from a number of sources and this looks set to continue.

“What we are hearing on the ground is also starting to show in the data: ports remain busy but in many cases are dealing with unprecedented volumes. We expect this to continue throughout 2022. Ports are vigilant for emerging issues caused by ongoing pandemic issues and are taking pre-emptive steps to protect their resilience.”

Where Brexit is concerned, the enforcement of customs controls at borders was implemented on January 1st. This means that importers will no longer be able to delay customs procedures and anything coming in from Europe will have to be approved by HMRC.

Traders and importers are being advised that they will need to meet full customers requirements, including submitting declarations and paying VAT and excise duty as appropriate.

 

Any bulk handling companies looking to join the MHEA? Get in touch with us today to find out more.

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