Chancellor announces major maritime projects heralding a 'new age of industrialisation' for Britain

Ahead of John Healey's first Labour conference speech as Chancellor of the Exchequer, the government has announced a multi-billion pound investment in major maritime projects.

28 Sep 2026

Ahead of John Healey's first Labour conference speech as Chancellor of the Exchequer, the government has announced a multi-billion pound investment in major maritime projects.

The Royal Navy's submarine service at HM Naval Base Clyde will receive three new floating docks which will allow the base to provide maintenance for nuclear submarines. In addition, a new marine research vessel will be constructed by the early 2030s to continue the delivery of core research on our seas and oceans.

Both projects will be delivered by UK companies in efforts to support British jobs and growth in local communities.

Chancellor of the Exchequer John Healey stated:

'By backing British shipyards, we are not only boosting national security but also securing resilience in the industries that will drive growth today while building the capabilities the country needs for the future.'

Charlotte Brumpton-Childs, National Secretary of the GMB Union, said in response to the announcement:

'For too long juicy contracts have been sent to overseas – often subsidised – yards. This policy could reinvigorate UK yards and the communities that depend on them.'

Internet link: HM Treasury