Uncertainty, largely due to fiscal instability and lack of clear policy direction, is the biggest barrier to the UK accessing the unprecedented opportunities presented by the blue economy.

At a time when the UK’s underwater industry - worth £8bn and supporting 45,000 jobs - should be rejoicing in the scale of opportunity, its potential is being hamstrung by the lack of a clear narrative from both governments and opposition on a national industrial strategy.

Estimated to be worth $3tn (yes, trillion) by 2030, the blue economy covers the key markets in which the UK’s subsea supply chain operates and excels: from offshore oil and gas to renewables, defence, telecommunications and aquaculture. All of which are growing at an unprecedented rate and scale.

With a brief that covers everything from the manufacture of mooring and anchoring systems for offshore fixed and floating wind, to the underwater ingenuity to make wave and tidal energy viable, the subsea sector is key to unlocking the energy transition.

Arguably, no other industry is as well placed to lead the energy transition, with a credible message regarding economic activity, employment and an aggressive pursuit of world leading technology.

At a recent dinner for subsea leaders, hosted by Johnston Carmichael, the conversation was dominated by the mixed messages coming from politicians of all colours, and their woeful lack of understanding of the energy industry and what is actually needed to achieve a just transition.

This was unsurprising in a year which will be defined by a General Election but disconcerting against a backdrop of a buoyant industry with a global market opportunity that is, arguably, one of the biggest we’ve seen in the UK for decades.

The subsea sector is naturally aligned to the energy transition due to the transferable nature of its skills and technologies, while its supply chain is already delivering substantial exports, creating UK jobs and growing GDP. Indeed, the subsea leaders at our dinner reported that, regardless of the uncertainty, they are investing in skills and technology and pivoting from 20% towards 80% of their business being international. They are flying the flag for the UK overseas whilst our politicians dither and resort to short-term soundbites.

While the ingenious, pioneering, entrepreneurial spirit of the subsea supply chain will ensure the industry looks after itself in this buoyant global market, with a national framework and investment strategy it could also significantly increase its contribution to UK plc.

It’s clear that the subsea sector won’t let fiscal instability and uncertainty become an unsurmountable obstacle, but it’s a frustrating diversion that’s negatively impacting investor sentiment. No-one will invest in a major asset, be it a port, a vessel or a manufacturing facility, without a clear indication of timelines for utilisation.

Subsea is one of the country’s major success stories, but our policy-makers must wake up to the need for a clear, joined-up industrial strategy, which will enable private and public investment to flow so that the UK can dominate, rather than just navigate, the blue economy.

Graham Alexander is Partner and Head of Corporate Finance at Johnston Carmichael