SMI Responds to Spending Review 2025

On 11 June 2025, Rachel Reeves presented the Spending Review 2025 to Parliament, which determines the spending limits of government departments for the next four financial years until 2028/29.

Key announcements included

1. £6bn for a munitions programme and £15bn for the soverign nuclear warhead programme. 
2. £27.8bn to the National Wealth Fund, targeting green industries, clean steel, electric vehicles, and offshore wind.
3. £22.6bn per year in public R&D Funding.
4. Creation of 10 new Advanced Manufacturing Investment Zones, each with tax breaks and funding for skills and infrastructure. 
5. £300m for offshore wind supply chains and ports. 
6. Reform of the UK Emissions Trading Scheme to strengthen the carbon price.

While the Spending Review acknowledges the importance of increasing national resilience, reindustrialisation and the clean energy transition, SMI noted that there was no direct mention of the maritime sector’s key role in kickstarting economic growth and creating opportunities across the country. Ports and offshore wind are key parts of critical national infrastructure that lie firmly within the maritime sector, and the Government needs to reflect this reality into its spending plans and industrial strategy in order to fulfil the core missions in its Plan for Change.