In his Budget speech this afternoon, the Chancellor said the Government would shake off previous rules that allowed ships flying any EU flag to receive preferential treatment, which he said “didn’t make sense for an independent nation”.

Instead, a new tonnage tax regime will reward vessels that fly the UK’s merchant shipping flag, known as the Red Ensign. Mr Sunak said: “That is entirely fitting for a country with such a proud maritime history as ours.”

It came amid a raft of spending plans, including a one-year reduction in business rates for retail and hospitality, cuts to alcohol taxes and an overhaul of air travel taxes.

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