25/09/2013 10:22 BST | Updated 25/09/2013 10:49 BST

UK Superyacht Sales Soar To Highest Level Since 2008


George Osborne has been presented with further proof that Britain's economy is "turning a corner" as superyacht sales in the UK have soared to their highest level since 2008.

New research from Superyacht UK, which represents over 200 members in the industry including architects and manufacturers, revealed that revenues have risen by 3.9% in 2012/2013 to £442 million. This marked a positive bounce from a 2.2% drop in 2011/2012.

The news comes after Ed Miliband warned at the Labour Party's annual conference on Tuesday that the economic recovery was benefitting the "privileged few".

"They used to say a rising tide lifts all boats. Now the rising tide just seems to lift the yachts," the Labour leader quipped.

Profits for companies in the superyacht industry rose 40%, compared to 32% the previous year. Most of the firms (81%) have seen a higher or same workload, an 8% increase on the previous year.

Seven out of 10 firms said their future prospects were "good" or "excellent", compared to just five out of 10 last year.

Superyacht UK chairman Albert Levy said: “The resilience and broad base of the superyacht sector in the UK shows through in these very encouraging statistics, with turnover, and more importantly profit, rising.

“Those who have committed resources during the downturn will reap the rewards.”