A reduction in the rate of light dues would be extremely beneficial to the UK shipping industry.

The Department for Transport (DfT) claimed the drop in tax, paid to fund the upkeep of navigational devices such as lighthouses, buoys and beacons would save maritime businesses around £2 million each year. It stated contributions would fall by 40p per net registered tonne over the next year. 

Shipping minister Stephen Hammond revealed light dues have actually reduced by 14 per cent in real-terms, thanks to a freeze in the levies over the last few years. Meanwhile, he added the maintenance of these navigation aids was essential to the UK economy, being that 95 per cent of imports and exports are carried out by sea. 

Michael Everard, chairman of the Lights Advisory Committee, commented: "The reduction in the light dues rates is extremely positive. It is a small but important step in the right direction and is further evidence this government is committed to a pro-shipping agenda."

According to the DfT, the UK's shipping sector is worth around £14 billion to the economy each year. In 2013, seaports processed over 500 million tonnes of freight, representing a growth of 100 per cent in gross tonnage since 1999.