We were pleased to welcome the Chancellor of the Exchequer, The Rt Hon Rachel Reeves MP, to our Rosyth site today where she announced further support for the defence industry. As a key industry partner in delivering vital defence projects, we welcome the announcement that will drive defence exports, economic growth and create jobs across the UK, and look forward to working with the government to bolster the UK’s competitiveness in the defence industry. John Howie, Chief Corporate Affairs Officer, Babcock, said: “Our defence industry plays a vital role in the security and defence of the UK and is a major contributor to the Scottish economy. Here at Rosyth, Babcock is extremely proud to be delivering five new Type 31 frigates for the Royal Navy within 10 years of contract signing – a trailblazing programme that has already resulted in the export of this sovereign capability to Poland and Indonesia.”
The world is changing, and the UK must be ready. That is why I've already committed to increasing defence spending to 2.5% by 2027 – but today, we're going even further with a £2bn uplift to UK Export Finance's lending capacity. This will boost growth and secure jobs in defence, a vital sector in our economy, and will unlock opportunities for UK exporters to expand sales and increase their international competitiveness. I visited Babcock International Group in Rosyth, Scotland today where I spoke to employees about our support for their sector, and our commitment to safeguarding the UK national security – the first duty of any government. Through boosting our defence sector, we can protect the UK and help to grow our economy - both central to our Plan for Change