Business Secretary to meet defence CEOs and encourages investors to see defence as a core engine of growth聽
Roundtable forms key part of Government's pro-growth approach and Plan for Change.
Today (12 December), the Business Secretary and Minister for Defence Procurement and Industry鈥痺ill hear from the defence industry hosting a CEO roundtable on driving investment into the sector. It will focus on navigating environmental, social and governance (ESG) principles and how they can pose challenges to growth and attracting investment.聽
We are delivering on our Plan for Change by driving investment and reform to deliver growth. Today鈥檚 roundtable will discuss how to realise the economic potential of the defence sector, and changing perceptions of it among investors 鈥撯€痺hich is鈥痚ssential to kickstarting鈥痚conomic鈥痝rowth and provide greater鈥痠nvestment across the UK.聽
Today鈥檚鈥痳oundtable will bring together CEOs from some of the UK鈥檚 most prominent defence companies, as well as trade associations for the UK鈥檚 defence, financial services and manufacturing sectors, with reps from major UK investment banks. This comes just a week after the Defence Secretary鈥€痶he Government鈥檚 Defence Industrial Strategy 鈥� by inviting investors, innovators, industry and trade unions to give their views on how to grow a better, more integrated, more innovative and more resilient defence sector.聽
It forms a key part of the Business Secretary鈥檚 commitment to a 鈥榩ro-growth, pro-business鈥� approach, and working together with industry to unlock investment into the UK鈥檚 key growth sectors and create high-quality jobs.聽
Business Secretary Jonathan Reynolds said:聽
Our world-leading defence sector is vital to the economy, supporting thousands of high-skilled, high-paid jobs across the UK. With our Industrial Strategy we鈥檙e taking the pro-business, pro-growth approach the sector needs to drive investment in every part of the country.聽
This government is committed to working together with industry to tackle the challenges they face to attracting investment, and that鈥檚 why roundtables like these are so important as we work to give investors the confidence they need for years to come.
Minister for Defence Procurement and Industry Maria Eagle said:聽
This government recognises the vital role of the defence sector as an engine for growth, strengthening our security and economy.聽
Only a week after the Defence Industrial Strategy consultation launch, we are ramping up engagement with industry, working hand in hand to tackle shared challenges and identifying opportunities to innovate at speed. Our new Strategy will mobilise the private sector to help face down global threats, direct more public investment to British businesses and create jobs and growth in every nation and region of the UK.
ADS CEO Kevin Craven said:聽
Our defence sector not only underpins our national security and deterrence capability, but also provides jobs to more than 164,000 people directly throughout the country. For our sector to continue to deliver the social value it is renowned for 鈥� alongside its role as a key driver of economic growth 鈥� government鈥檚 engagement with industry is pivotal to strengthen the UK鈥檚 position as a place for defence companies to invest and grow, and from which to export.聽
ADS welcomes the progress made by this government so far, and industry looks forward to seeing the results of our continued dialogue in securing UK advantage in an increasingly unstable geopolitical environment.
The Government has identified defence as one of eight UK growth sectors its upcoming Industrial Strategy will prioritise for driving investment,鈥痵upporting the Plan for Change ambitions.鈥疶his is an important opportunity for the Business Secretary to hear from industry leaders on the challenges they face.聽
He will also seek views on how the Government can work together with them to help boost investment and tackle challenges such as access to finance, invest-ability and reputation.聽