Harland & Wolff, the well-known shipbuilder in Belfast, may increase employment as it seeks to take advantage of a new government-backed programme to support the purchase of ships made in the UK.

The government would act as a surety for lenders under the Shipbuilding Credit Guarantee Scheme (SCGS), which would assist buyers in obtaining financing for the purchase of vessels built in the UK and the upgrade of existing ships.

Based on the demand for commercial shipbuilding, the UK Department for Business and Trade claimed the programme will generate millions of pounds for the UK economy and hundreds of employment in the UK, especially in Belfast.

Harland & Wolff CEO John Wood said in a statement: “We’re delighted to welcome the launch of the Shipbuilding Credit Guarantee Scheme.

“The scheme will help UK shipbuilders to compete, win orders, and create new high-quality jobs across the country. We look forward to using the scheme as both a customer and builder.

“It’s a core deliverable from the National Shipbuilding Strategy, and we are committed to working with colleagues in government and across the industry to accelerate its delivery so we can realise the objective of a competitive, innovative, and sustainable shipbuilding enterprise.”