Financial support for England’s fishing businesses unveiled

Covid-19 News | Economy & Politics | Funding | National

More than 1,000 fishing and aquaculture businesses in England will receive direct cash grants through a fisheries support scheme announced today by Environment Secretary George Eustice and Chief Secretary to the Treasury Steve Barclay.

In the latest step to protect businesses affected by coronavirus, plans unveiled today mean that up to £9m will be available for grants to eligible fishing and aquaculture businesses.

A further £1m will be made available to support projects to assist fishermen to sell their catch in their local communities. This money will help fishing businesses find new ways to market and sell their catch while traditional markets are restricted, not only supporting the sector but also the local communities that depend on the industry.

Because the majority of fish they catch is usually destined for export, the English fishing fleet which catches fish stocks such as hake, scallops and crab has been hit by the closure of traditional export markets and the reduction in demand from the hospitality sector.

The support scheme – which will run for up to three months – takes action to meet the immediate needs of the industry by helping English fishing and aquaculture businesses with their fixed costs such as such as insurance, equipment hire and port costs.

The measures will support the English industry, in particular smaller fishing businesses, during this challenging time and follow an unprecedented package of financial support already announced for small firms.

Environment Secretary George Eustice said: “This £10m scheme will provide a lifeline for more than 1,000 fishing businesses so they can continue to maintain and operate their boats during this challenging time, which has seen falling prices and lack of demand for fish from the restaurant industry.

“We are continuing to work closely with the fishing and aquaculture industry to ensure that they are supported and can get back to their vital role of providing fish for the table while contributing to the economy of many of our coastal communities.”

Did you enjoy reading this content?  To get more great content like this subscribe to our magazine

Reader's Comments

Comments related to the current article

Leave a comment

Your email address will not be published. Required fields are marked *