The stamp of neoliberalism on the UK tonnage tax and the implications for British seafaring
In 2000 the UK adopted a tonnage tax strategy on ships and related businesses as the main strategy for revitalising its declining shipping industry. In line with EU policy on shipping, UK registered shipping companies were offered fiscal incentives based on reduced corporation taxes while labour was offered support for training. Almost a decade since the introduction of the tax it is clear that the strategy has delivered for business but not for labour. This paper considers the nature and limits of state intervention per se in declining economic sectors in the context of globalisation and a neoliberal approach to governance. It concludes that the problem is often not state intervention but rather the form of intervention, namely one that panders to, and is constrained by, neoliberalism.
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