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
How extreme heat is disrupting aircraft operations – and what we can do about it
How extreme heat is disrupting aircraft operations – and what we can do about it
Extreme heat can affect everything from take-off performance and turbulence to ground operations. As temperatures rise, airlines, airports and regulators are adapting to a hotter operating environment.
GA-ASI, MBDA to integrate SPEAR weapons onto MQ-9B and Gambit 6 drones
GA-ASI, MBDA to integrate SPEAR weapons onto MQ-9B and Gambit 6 drones
General Atomics and MBDA have teamed up to integrate the SPEAR missile family onto uncrewed MQ-9B SkyGuardian and Gambit 6 aircraft as part of a new agreement.
Apollo agrees £5.7bn easyJet takeover deal as Castlelake walks away
Apollo agrees £5.7bn easyJet takeover deal as Castlelake walks away
easyJet’s board has backed Apollo’s £7.15-a-share proposal after Castlelake stepped aside, but shareholder, regulatory and court approvals are still required.
First MEWSIC electronic warfare system delivered to the MoD as Royal Navy capability advances
First MEWSIC electronic warfare system delivered to the MoD as Royal Navy capability advances
The first production MEWSIC electronic warfare system has been delivered to the UK MoD, advancing the Royal Navy's next-generation electronic warfare capability.
RAF Typhoons scrambled 49 times during NATO Air Policing mission in Romania
RAF Typhoons scrambled 49 times during NATO Air Policing mission in Romania
After 49 Quick Reaction Alert (QRA) scrambles and 1,500 alert hours, British Typhoons have concluded their latest deployment in support of NATO’s enhanced Air Policing (eAP) mission in Romania.
What UK SMEs need to know about the GCAP Tempest fighter programme
What UK SMEs need to know about the GCAP Tempest fighter programme
How the GCAP/Tempest programme seeks to harness the innovative power of hundreds of high-tech SMEs and start up companies across Britain.
MDA Space to provide lunar landing sensors for ESA’s Argonaut mission
MDA Space to provide lunar landing sensors for ESA’s Argonaut mission
Advanced 3D sensors from MDA Space UK are set to help the European Space Agency's Argonaut spacecraft land safely on the Moon.
SSTL racks up smart storage solution
SSTL racks up smart storage solution
A smart racking solution from Altus has helped Surrey Satellite Technology Limited (SSTL) integrate its materials management processes.
Seraphim Space deploys first capital from £137m C share raise
Seraphim Space deploys first capital from £137m C share raise
The investments have been made in businesses involved in key areas that are driving the next phase of growth within the space sector.
Breakthrough UK device to combat global prison drug epidemic
Breakthrough UK device to combat global prison drug epidemic
Designed to instantly detect synthetic cannabinoids smuggled into secure facilities, the rapid detection tool - invented in Bath and manufactured in the West Midlands - is set for immediate global export.
New retail crime reporting technology helps Met Police bring shoplifters to justice
New retail crime reporting technology helps Met Police bring shoplifters to justice
The Metropolitan Police have introduced new technology to help officers identify, arrest and prosecute more shoplifters.
NATO moves beyond air policing as Black Sea defence mission evolves
NATO moves beyond air policing as Black Sea defence mission evolves
The completion of the RAF’s latest deployment to Romania marks more than another fighter rotation, as NATO integrates traditional air policing into a broader defensive network built to counter missiles, drones and increasingly complex threats.