Bank of England Governor Visits Navantia UK Shipyard

The Governor of the Bank of England, Andrew Bailey, visited Navantia UK’s Appledore shipyard to view the contribution of the defense and maritime industry to the regional economy. 

The Bank’s policymakers regularly visit and speak to businesses across the UK, including the South West. These visits help them gain valuable insight as to how local businesses are performing in the current economic circumstances, and contribute to their wider perspective and understanding as to how the economy in the UK as whole is performing. 

During a tour of the shipyard, the Governor was shown modernization work underway as part of a USD$151 million (£115 million) investment program by Navantia UK to upgrade its four UK facilities—Appledore, Arnish, Belfast and Methil. 

Appledore is being upgraded with modern equipment—including a heavy-duty, high precision plasma cutter—to play a role in the USD$2.11 billion (£1.6 billion) Fleet Solid Support program, under which Navantia UK is building three vessels that will deliver vital supplies to Royal Navy warships. 

Bow sections for the ships will be built at Appledore, before being transferred by barge to the Harland & Wolff shipyard in Belfast for assembly. The vessels will be the second largest in the navy after the UK’s two aircraft carriers – parts of which were also built at Appledore. 

During his visit, Mr Bailey met some of Navantia UK’s 222 apprentices being trained as part of the next generation of British shipbuilders and engineers. Of the present cohort, 43 apprentices are based at Appledore, out of the shipyard’s overall workforce of 200. He held a meeting with members of the south-west business community at the shipyard’s skills center.