UK Defense Industrial Strategy '25 To Make Defense Engine For Growth

(MENAFN- Kuwait News Agency (KUNA)) LONDON, Sept 8 (KUNA) -- The UK government has set out a new defence industrial strategy on Monday where it will fund five Defence Growth Deals across the UK with POUND 250 million, to improve collaboration, foster innovation and create jobs in areas with untapped potential.
A statement by the British Ministry of Defense said, "each Defence Growth Deal will combine defence and wider government investment to harness local sub-sector strengths, drive innovation, and deliver tailored support where needed, such as in skills, housing, and planning, to boost local economies, attract private investment, and ensure long-term sustainability."
Defence Secretary John Healey MP said in a statement, "we're backing British businesses to win on the international stage by cutting red tape for major export campaigns.
Ensuring our firms can bid for international work with greater confidence is an important change that will make defence an engine for growth and good jobs for people across the nation.
The Government is also taking steps to expand UK Export Finance (UKEF)'s ability to back major defence contracts, legislating to increase the maximum size of UKEF's financial portfolio."
Defence exports are now worth over POUND 14.5 billion annually and growing, making Britain the world's second-largest arms exporter after the United States, supporting work to make defence an engine for economic growth and delivering on the Plan for Change.
The Defence Industrial Strategy is the final sector plan of the eight growth driving sectors identified in the Government's Modern Industrial Strategy to be published. (end)
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