Defence spending with UK industry by the Ministry of Defence has topped £25Bn for the first time, official statistics have revealed.
The 2022/23 statistics detail the money spent by the MOD with UK defence companies. The breadth of spending highlights the government’s commitment to continually improving the defence sector, while supporting the economy and creating hundreds of thousands of jobs across the country.
Yorkshire and The Humber saw a doubling in overall expenditure, the highest of all areas, while Wales saw a 25% rise in the same figure.
An average of £370 is being spent with the UK defence industry for each person living in the UK, showing the level of spending that helps keep the nation protected.
The latest jobs figures – published in the summer – also show 209,000 UK jobs are supported through the MOD’s expenditure with our defence industry.
Defence Secretary, Grant Shapps said: “As threats increase across the globe, it’s crucial that investment in our Armed Forces matches that picture.
That’s why we’re spending more than £50Bn annually, helping equip our military with cutting-edge capabilities, so they can continue to protect our freedoms around the clock.
“These statistics demonstrate how all parts of the UK are playing their part in that crucial work, delivering through our fantastic defence industry and boosting local prosperity.”
The UK has experienced its third consecutive year of increased spending, with the Southeast of England receiving the highest MOD Expenditure with UK Industry, followed by the Southwest.
Wales and Northern Ireland saw an increased level of expenditure compared to last year’s statistics, highlighting the key role the Nations play, with Scotland leading the investment with more than £2Bn spent annually.
If you would like to join our community and read more articles like this then please click here
Post written by: Vicky Maggiani
Vicky has worked in media for over 20 years and has a wealth of experience in editing and creating copy for a variety of sectors.
RELATED ARTICLES
October 17, 2024
Homeland - Defence contractors compliance with SSRO under scrutiny
The latest Compliance Bulletin evaluates how effectively defence contractors are adhering to the regulations for reporting on non-competitive, or single
September 24, 2024
Homeland - UK AI start-up secures first ever software Agreement Lite with MOD
AI & robotics start-up Oxford Dynamics has secured an Enterprise Agreement Lite with the UK Ministry of Defence worth up
