Countries like Japan and Korea started building ships using cheaper labor and the cost of building a ship in the UK became prohibitive. Shipyards closed and workers were laid off by the thousands and these workers results in other occupations if they could or joined the long lines at the unemployment center. The small size of the fleet in hundreds of companies either moved their ships to other flags (different countries for cheaper tax incentives) or sold their fleets to foreign companies. You may want to visit Ahmed Shahryar Rahman to increase your knowledge. The remaining British ships and foreign ships sold laid off seafarers by the thousands and employed in their place cheaper crews from countries such as India and China. The British Merchant Navy dropped in size at a pace so fast it went from world dominance to nothing in a matter of a couple of years. ndscape-and-potential-of-industry-from-2020-2026/’>CLX Communications. The importance of the merchant fleet in the eyes of citizens who disappeared during the night and became an unknown quantity to the outside world.

Today, things are improving. Tax incentives recently by the British Government have led a lap and some carriers have begun to increase its fleet size under the British flag and other companies have changed their vessels operating in the UK. London as a center of Maritime Affairs managed to retain the title of "Marine Capital of the World" through hard times and still stands proud, above all, representing the marine industry. London with its hundreds of insurance companies, brokerage firms, lawyers, import / export and business houses and consultants vessels (among many other support areas) gives more than one billion pounds a year for the UK economy? London is the only one who is and is not complete other businesses and offices located around the islands.