The publication of the Defence & Economic Growth Taskforce, outlines practical steps for how UK government and industry can align defence investment with the national economic growth mission.
ADS is proud to have served on the Secretariat of the Taskforce, providing critical insights on the sector that delivers £15 billion in value add to the UK economy.
The report highlights the need to:
- Strengthen the demand signal
- Reset and reinvigorate the national public dialogue to define and embed a cross sector ‘Team UK’ mindset and approach
- Improve the global competitiveness of UK defence firms
- Mobilise private sector investment
- Attract finance to shape a UK defence supply chain
The UK Chancellor and Secretary of State for Defence have welcomed the report, which outlines a bold vision for mobilising funding, talent, and innovation in defence.
ADS Chief Economist and Secretariat Member, Aimie Stone commented:
The defence sector currently employs over 180,000 people, delivering £15bn in value to the UK economy, with both figures growing two thirds in the last decade. The UK defence sector has the potential to be the UK’s most powerful growth engine, but only with the right financial, regulatory, and political support behind it. As the trade association for the defence and security sectors, we’re committed to working alongside the financial industry in advocating for a whole-of-society approach for defence financing moving forwards. This taskforce report is the latest marker in the sand for our sector that is already delivering intense social dividends on the government’s growth mission.
ADS President and CEO of Babcock International, David Lockwood said:
The UK has a once-in-a-generation opportunity to lay the long-term foundations of economic growth by backing British companies. Our defence industry doesn’t just help keep the UK safe, it supports thousands of high-value jobs for people in communities across the country. We look forward to continuing to collaborate to unlock further investment, to drive continued change and prosperity across the UK.
ADS Vice-President for Space and UK Managing Director & Head of Country at Airbus Defence and Space, Kata Escott added:
A robust national industrial base and a strong economy are crucial for our collective deterrence. These recommendations will grow the economy and keep us safer. We look forward to driving their delivery – private and public sectors working hand in hand.
View full publication for the Defence & Economic Growth Taskforce Report below:
Fullscreen Mode
