Reynolds highlighted the importance of skilled jobs in the shipbuilding industry as part of the UK's broader Plan for Change, reinforcing the need for a robust domestic manufacturing sector.

Navantia, a Spanish state-owned shipbuilder, has announced its intention to acquire Harland & Wolff, a Northern Ireland-based shipbuilder renowned for constructing the Titanic, ensuring the preservation of approximately 1,000 jobs across its four shipyards.

This acquisition comes after Harland & Wolff entered administration in September 2023 for the second time in five years, prompting the need for a stable future.

The deal is contingent upon regulatory approval, which will ultimately determine its finalization.

Harland & Wolff is a key subcontractor in a consortium awarded a £1.6 billion contract to build three fleet solid support ships for the Royal Navy, with Navantia's UK division as the main contractor.

While the deal aims to rescue Harland & Wolff, it may lead to higher costs for taxpayers regarding the Royal Navy support ships.

Business Secretary Jonathan Reynolds acknowledged that any additional taxpayer funding required for the Royal Navy contract would be relatively minor compared to the overall contract size, which is vital for national security.

Defence Secretary John Healey emphasized that the agreement bolsters vital defence manufacturing in the UK and enhances the capabilities of the Royal Navy.

The GMB union expressed cautious optimism about the future of Harland & Wolff's yards, highlighting the necessity for consistent work to ensure their sustainability.

Northern Ireland Secretary Hilary Benn praised the deal as 'great news for Belfast,' underscoring Harland & Wolff's significant historical contribution to shipbuilding.

The acquisition will maintain the existing terms and conditions for workers, providing a sense of job security amidst the transition.

Reynolds further noted that this acquisition represents a strong endorsement of the UK shipbuilding industry and is expected to facilitate future investments and economic growth in coastal communities.