The UK’s boat and yacht industry has seen revenues surge to their highest level since the financial crisis after the weaker pound helped drive up sales.
Sales rose by 3.4% to £3.1bn in the year to April 2017, according to a report by lobby group British Marine. It said that the depreciation of the pound since the EU referendum had boosted the sector by making products cheaper for international buyers. Overseas sales for UK marine manufacturers rose by 4.7% last year. It’s the sixth consecutive year of growth for the industry, British Marine said.
“These impressive figures demonstrate how the industry has successfully cashed in on the pound’s devaluation since the Brexit referendum in 2016,” said Howard Pridding, chief executive of British Marine. Revenues last reached £3.1bn in 2008-09 as recession gripped the world’s major economies. The fall in the value of the pound has also helped the domestic market as holiday-makers decided to stay in the UK.