Babcock supporting one in every 550 jobs in the UK
New independent research by Oxford Economics reveals how defence company Babcock International Group (Babcock) drives growth across the UK economy through jobs, investment in the supply chain, and tax contributions.
Image courtesy Babcock International Group
The Oxford Economics report published today shows the FTSE 100 company made a total contribution of £4.3 billion to UK GDP in FY2024, a significant increase of £1 billion since FY2022. For every £1 spent with Babcock on UK defence, £3 goes back into the UK economy.
The Oxford Economics report published today shows the FTSE 100 company made a total contribution of £4.3 billion to UK GDP in FY2024, a significant increase of £1 billion since FY2022. For every £1 spent with Babcock on UK defence, £3 goes back into the UK economy.
Over the last two years, Babcock has substantially grown the number of UK jobs that it supports to 67,000 across the country, equivalent to one in every 550 jobs in the UK.
Other key findings include:
• Significant impact on the UK’s regional economies, including over 12,000 staff directly employed in the South West of England and 5,400 in Scotland
• 1,800 people being trained through Babcock’s graduate and apprenticeship programmes
• An estimated total tax contribution of £1.1 billion to the UK Exchequer, directly and indirectly
• £550 million spent with UK Small & Medium Enterprises (SMEs), supporting more than 3,800 businesses
David Lockwood, Chief Executive of Babcock, said:
“We are proud of the role we play across the country.
“We are proud of the role we play across the country.
“Babcock doesn’t just help protect the UK; we are helping to drive prosperity.
At this critical time for national security, our highly experienced teams play a key role in developing sovereign capabilities to create a safe and secure world, together with our wider industry colleagues and partners.
“We are investing in infrastructure, technology, and skills that we need today to bolster the growth of our business for tomorrow. This commitment to our customers and continuous investment in our people is making us a better business. We are determined to continue supporting the communities we work in whilst delivering the capabilities our armed forces need to keep the country safe.”
Rt Hon Maria Eagle MP, Minister for Defence Procurement and Industry, said:
“Babcock is a fantastic example of how defence is an engine for growth, creating jobs across the nation.
“The company supports thousands of skilled jobs across the South-West and Scotland and invests in British SMEs, building up local communities and developing talent through graduate and apprenticeship programmes.
“Our Defence Industrial Strategy will help direct more defence spending to British-based firms, such as Babcock, boosting defence jobs in every nation and region.”
Sign up for our newsletter and get our latest content in your inbox.
Similar Reads
1
2
3
Sign up for our newsletter. Select all sectors relevant to you.
Related
Record-breaking August rounds off Stansted’s busiest ever summer
Record-breaking August rounds off Stansted’s busiest ever summer
Whilst welcoming over 100,000 passengers on every day of August, London Stansted Airport achieved its busiest ever day, month and summer on record.
UK MOD accelerates low-cost drone turbojet development with Alloyed
UK MOD accelerates low-cost drone turbojet development with Alloyed
A new UK-developed turbojet engine has reached flight-ready status in less than seven months, highlighting the potential of advanced manufacturing to accelerate defence propulsion.
Airlines should cover full climate cost if Heathrow expands, CCC says
Airlines should cover full climate cost if Heathrow expands, CCC says
The Climate Change Committee says Heathrow expansion is not compatible with UK Net Zero targets. It calls for aviation to pay the cost of removing CO2.
MSI-DS launches TERRAHAWK RAPTOR mobile counter-drone weapon station
MSI-DS launches TERRAHAWK RAPTOR mobile counter-drone weapon station
The new TERRAHAWK RAPTOR remote weapon station is designed for integration across tracked and wheeled platforms, including 4x4 vehicles and UGVs, as MSI-DS targets growing demand for mobile C-UAS capability.
NP Aerospace secures new protected cab order
NP Aerospace secures new protected cab order
With its latest order for protected vehicle cabs, NP Aerospace has taken its total protected cab order book to over 60 units.
Scottish defence sector faces skills shortfall and ‘debanking’ concerns, MPs warn
Scottish defence sector faces skills shortfall and ‘debanking’ concerns, MPs warn
A new report from the Scottish Affairs Committee has highlighted skills shortages, supply chain barriers and the ongoing ‘debanking’ of defence SMEs as challenges to Scotland’s ability to capitalise on increased UK defence investment.
Harwell-based Open Cosmos secures €300m to scale sovereign satellite production
Harwell-based Open Cosmos secures €300m to scale sovereign satellite production
Harwell-based Open Cosmos has raised €300m to expand satellite manufacturing and space-based intelligence as the UK strengthens sovereign capability.
AccelerComm awarded ESA regenerative 5G satellite network contract
AccelerComm awarded ESA regenerative 5G satellite network contract
The European Space Agency (ESA) has selected AccelerComm to help build one of Europe's first regenerative 5G base stations that directly run onboard satellites, shifting away from today's 'bent-pipe' satellites that simply relay signals back to the ground.
The Drone Age: What does the UK need to get right?
The Drone Age: What does the UK need to get right?
Leading experts examine where UK drone capability is advancing, where gaps remain and what industry and government need to fix next.
MSI-DS launches TERRAHAWK RAPTOR mobile counter-drone weapon station
MSI-DS launches TERRAHAWK RAPTOR mobile counter-drone weapon station
The new TERRAHAWK RAPTOR remote weapon station is designed for integration across tracked and wheeled platforms, including 4x4 vehicles and UGVs, as MSI-DS targets growing demand for mobile C-UAS capability.
UK recruits hundreds of officers in £500 billion money laundering crackdown
UK recruits hundreds of officers in £500 billion money laundering crackdown
Following National Crime Agency (NCA) estimates that over £100 billion is laundered through UK or UK corporate structures each year, 500 officers will target money laundering networks linked to organised crime, building on Operation Destabilise.
Defence and industry open collaboration hub at RAF Wyton
Defence and industry open collaboration hub at RAF Wyton
The new FAIRFAX Collaboration Hub has been opened at RAF Wyton by defence and industry partners, marking a key step in its growth as the UK's intelligence hub.