Autumn budget: Economic and social progress through marine regeneration
Ahead of the Budget on the 30th of October, our blue economy specialist, James Merchant, explains how spending on ocean recovery could be a win-win for coastal communities and our blue planet.
The economic context
Since their election win in July 2024, the Prime Minister, the Chancellor of the Exchequer and other Government spokespeople have been laying the groundwork for an Autumn Budget packed with “difficult decisions”. Government sources have outlined that the Autumn Budget will include tax rises and significant spending cuts, with departments asked to find savings across the next two years.
Despite this, the UK Government has reiterated that its overarching economic aim is to deliver economic growth across the UK. In its pursuit of economic growth to make “every part of the country better off”, the Government will be looking to forge partnerships with the private sector. For every £1 of public money invested into public infrastructure, the Government is aiming to seek around £3 from the private sector.
Credit: Natasha Ewins
At the Marine Conservation Society, we understand the need for all government spending to deliver the most bang for its buck. We’re also privileged to work with enthusiastic partners across the private sector who are itching to get more involved in the sustainable blue economy.
However, the sector is finding that projects are faced with too many obstacles before they can deliver improvements to the marine environment and to people on land. These include poor water quality, a lack of skills training, and a lack of regulatory certainty.
Fortunately, public investment to kickstart the UK’s sustainable blue economy and strengthening our marine ecosystems has the potential to power the equitable economic growth that the Government is looking for.
How could government spending power the blue economy?
Investing in untapped areas of the blue economy could act in a similar way to infrastructure investment. Government spending in research into the condition and value of marine natural capital, enforcement and monitoring of marine conservation projects, marine-based solutions to climate change, and financial support for restoration projects, could lay the foundations for a sustainable blue economy which delivers equity, prosperity and economic security across generations.
Crucially, government spending can help de-risk and scale-up projects to attract further private investment. This could be the key to unlocking the potential of restoration projects, as well as boosting areas like sustainable aquaculture and seaweed farming that offer further economic benefits to local communities.
As well as benefitting people, wildlife and planet, strengthening marine ecosystems would also bolster our economic and financial stability against increasing environmental shocks.
With 66% of publicly listed companies financially exposed to or dependent on ocean health, trillions of pounds of economic value is at risk – this underlines the importance of investing in a blue economy, and in doing so, investing in a better future for us all.
Credit: Martin Stevens
Ultimately, Government spending to set the conditions which would enable the marine environment to thrive would achieve each of the Chancellor’s aspirations for the UK’s economy. It would “build growth on strong and secure foundations built on stability, investment and reform” and would help to “forge new partnership(s) with the private sector”.
We urge the Chancellor of the Exchequer to take advantage of the opportunities to boost funding for marine recovery and improved water quality.
