£360m Fund to Modernise UK Fishing Fleet and Boost Coastal Communities Announced
A new £360 million fund aimed at revitalising the UK's fishing industry and supporting coastal towns has been launched by the government, with £56 million in new money allocated to Scotland, Wales, and Northern Ireland.
The Fishing and Coastal Growth Fund is designed to drive economic growth by modernising the UK's fishing fleet, investing in new technology, and funding training for the next generation of fishers.
The devolved governments in Edinburgh, Cardiff, and Belfast will be responsible for managing their respective shares of the £56 million, allowing them to target investment toward the specific needs of their local fishing and coastal communities.
The funding breakdown, based on the Barnett Formula, will see the Scottish Government receive £28 million, the Welsh Government £18 million, and the Northern Ireland Executive £10 million.
A government spokesperson said the regional delivery model would ensure the money is spent "where it matters most," enabling devolved administrations to work directly with their local industries to prioritise regional needs.
The fund will support a range of initiatives, including:
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Investment in technology and equipment to modernise the UK's fishing fleet.
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Skills and training programmes to secure the industry's future workforce.
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Projects to boost coastal tourism and trade, providing a wider economic benefit to local communities.
Officials stated that the targeted funding is intended to create "more secure, sustainable, and economically successful fishing and aquaculture sectors across the UK."
The announcement positions the fund as a key measure to ensure the long-term viability of the UK's fishing industry while driving growth and supporting the economies of coastal towns and villages for years to come.
