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.
Copied to clipboard
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.”
Copied to clipboard
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
Farnborough Airport names Marine Eugène CEO as Simon Geere becomes executive chair
Farnborough Airport names Marine Eugène CEO as Simon Geere becomes executive chair
Marine Eugène will become Group CEO of Farnborough Airport on 1 September as Simon Geere moves into an executive chair role after more than six years leading the business aviation airport.
Bristow Group acquires Berry Aviation as it shifts further into government services
Bristow Group acquires Berry Aviation as it shifts further into government services
Bristow Group’s $105 million acquisition of Berry Aviation will add defence, ISR, mission support and unmanned systems capabilities to its Government Services business.
Airbus Belfast delivers 500th A220-300 wingset after becoming fully integrated
Airbus Belfast delivers 500th A220-300 wingset after becoming fully integrated
Airbus Belfast has completed its 500th A220-300 wingset, just months after the former Spirit AeroSystems facility came under Airbus ownership.
DIP decoded: What the Defence Investment Plan means for the British Army
DIP decoded: What the Defence Investment Plan means for the British Army
The Defence Investment Plan signals a major shift for the British Army, directing future investment towards long-range fires, drones, artificial intelligence, digital targeting and the industrial capacity needed to sustain prolonged operations.
Edgewing awarded £4.6bn to advance GCAP sixth-generation fighter
Edgewing awarded £4.6bn to advance GCAP sixth-generation fighter
The contract will move the UK, Italy and Japan’s next-generation combat aircraft into its next major design phase, strengthening the UK’s future combat air sector.
Royal Navy begins sea trials for giant submarine drone XV Excalibur
Royal Navy begins sea trials for giant submarine drone XV Excalibur
The 12 metre uncrewed submarine will begin trials in Plymouth and surrounding waters, focussed on integration of payloads and trials of the platform.
BAE Systems’ Endura demos radiation-hardened capability for space missions
BAE Systems’ Endura demos radiation-hardened capability for space missions
BAE Systems has successfully demonstrated the ability of its Endura system-on-chip (Soc) space processor…
BAE Systems to build high-res imagery satellites for Vantor
BAE Systems to build high-res imagery satellites for Vantor
BAE Systems has entered into an agreement to build high-resolution imaging satellite buses for Vantor, a provider of unified spatial intelligence from space to ground.
ADS appoints Matthew Reynolds as CIO
ADS appoints Matthew Reynolds as CIO
ADS Group - parent organisation of trade association ADS and Farnborough International - has appointed Matthew Reynolds as its Chief Information Officer (CIO).
Smiths Detection completes transition to CVC Capital Partners
Smiths Detection completes transition to CVC Capital Partners
Smiths Detection has completed its transition from Smiths Group to CVC Capital Partners (CVC), a private markets investment firm.
Serbus acquires Westica
Serbus acquires Westica
Provider of secure Critical National Infrastructure (CNI) networking and communication solutions, Serbus, has acquired Westica Communications Limited (Westica), for an undisclosed sum.
CAA warns of risks posed by incorrectly packed batteries
CAA warns of risks posed by incorrectly packed batteries
Ahead of the big summer getaway where over 60 million people are expected to…