Select Committee on Environment, Transport and Regional Affairs Appendices to the Minutes of Evidence


Supplementary Memorandum by the Chamber of Shipping (FUS 21B)

THE FUTURE OF THE UK SHIPPING INDUSTRY

  I know that you have been in correspondence with John Lusted concerning the numbers of new cadets. There is, however, one other figure which was quoted in our oral evidence and gave rise to some discussion. It is in question 167-169 and implied that the economic benefit that had been identified within the Shipping Working Group would arise within five years. That is, strictly, inaccurate and the correct position is given in Section 3 of the enclosed tonnage-based tax paper. That order of benefit is not achieved until later in the cycle. Also, the oral answer could be read as implying a direct return in terms of Treasury revenue. Again, the tonnage-based tax paper emphasises that that figure refers to increased profits. You suggested that the best way of dealing with this—which arose because the question was pointed to the wrong end of the table!—might be in a footnote. That could refer, if you consider that appropriate, to the clarifying paper on the tonnage-based tax regime.


 
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