British boating sector sails to sixth year of consecutive growth as fall in pound boosts exports and staycations

The UK's boating sector has notched up its sixth consecutive year of growth as the pound's dip boosted exports and demand for UK boating getaways, according to research out today from British Marine. Industry revenues rose by 3.4 per cent to £3.1bn in 2017, which British Marine said was their highest level since the financial crisis. Between March 2016 and April 2017, the sector directly contributed over £1.3bn to the UK economy. The membership organisation for the UK leisure, superyacht and small commercial marine industry, said the slump in sterling encouraged a rise in "staycations", noting demand for barge and cruising holidays in the UK. The pound also propelled UK marine industry exports to grow by 4.7 per cent, as British-made boats became more competitive abroad. Howard Pridding, chief executive officer of British Marine, said: These impressive figures demonstrate how the industry has successfully cashed in on the pound’s devaluation since the Brexit referendum in 2016. In 2017 UK marine industry exports grew by 4.7 per cent to £924m, with the weak pound making British-made boats and products more competitive abroad. Business confidence in the industry has increased over the past six months, according to the report, with a net balance of 41 per cent of British Marine members positive about their future prospects. British Marine said the boating tourism sector in particular was making waves, with over 60 per cent of marine tourism operators reporting rising sales over the summer. Pridding said: "As the pound has dipped, many Brits have rekindled their love for barges, yachting, watersports holidays and canal cruises in and around the UK. Confidence in the sector is at its highest since the credit crunch and we expect to see further growth into 2018." The challenges ahead for the industry regarding Brexit include its potential impact on the labour supply chain, as well as rising costs relating to overseas procurement, according to British Marine.