Fishing businesses and coastal communities across the UK are set to benefit from a significant new funding package designed to promote growth, sustainability, and local employment.

The government has announced the Fishing and Coastal Growth Fund, which includes £56 million allocated to Scotland, Wales, and Northern Ireland. The funding will be administered by the devolved governments, allowing investment to reflect local priorities and the specific needs of fishing communities.

Under this allocation, the Scottish Government will receive £28 million, the Welsh Government £18 million, and the Northern Ireland Executive £10 million, based on the Barnett Formula.

The funding will be used to modernise the fishing fleet with advanced technology and equipment, train the next generation of fishers, and invest in coastal infrastructure to support both trade and tourism. The objective is to create a more secure, sustainable, and economically successful fishing and aquaculture sector, helping coastal towns and villages to flourish.

The UK government has confirmed that it will work closely with the devolved administrations to ensure the funding meets local needs while contributing to the shared aim of a thriving, sustainable industry.

In addition to the fund, the government anticipates opening discussions with the EU this autumn on a new Sanitary and Phytosanitary (SPS) Agreement, which could reduce export barriers for UK seafood businesses and simplify trade with the EU.

For businesses across the fishing and seafood supply chain, this initiative could result in increased investment, enhanced training opportunities, and a more competitive export environment – all positive indicators for the sector’s long-term growth.

See: https://www.gov.uk/government/news/fishing-and-coastal-growth-fund-will-boost-regional-economies