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Defence spending

UK Defence Spending: Financial Sector Urged to Step Up Involvement

Strategic Insights

— 1 min read

The UK's defence sector is calling on the financial services industry to invest more in defence spending to boost national resilience. Tom Tugendhat, former security minister, has backed a report urging the government to catalyse private capital investment into defence and promote London as the European centre of global security and defence financial services. The report, co-authored by Air Marshal Andrew Turner, highlights the need for increased investment in defence and security, citing the rise of state-based threats and technological advancements.

Key Takeaways:

  • The report, produced by DWP Technology, calls for the government to commit to refreshed public-private partnerships for critical national infrastructure, designate programs for private capital funding, and reform procurement rules to speed up contract award.
  • The report urges the financial sector to invest more into defence and security, promoting London as the European centre of global security and defence financial services with the introduction of a "defence guarantee".
  • The UK's defence ministry has pledged to spend £250m on funding five "defence growth deals" across the UK to "unleash the potential of local authorities, businesses and research institutions to support UK defence".
  • The government has announced plans to open a "marketplace" to link suppliers from different areas of the economy with defence firms, making the UK defence sector "open for business".
  • The report highlights the need for increased investment in defence and security, citing the rise of state-based threats and technological advancements.

Statistics:

  • £250m: The amount pledged by the UK's defence ministry to fund five "defence growth deals" across the UK.
  • 5: The number of "defence growth deals" to be funded by the UK's defence ministry.
  • Thousands: The number of jobs that could be generated in the sector as a result of the defence growth deals.

Sources:

  • DWP Technology: The report was produced by DWP Technology
  • UK Government News: The UK's defence ministry pledged to spend £250m on funding five "defence growth deals" across the UK
  • Cityam: Defence secretary John Healey announced plans to open a "marketplace" to link suppliers from different areas of the economy with defence firms.

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