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
RAF Air Command becomes Air and Space Command as Britain elevates military space operations
RAF Air Command becomes Air and Space Command as Britain elevates military space operations
With the growing importance of military space operations, the new name reflects the widening remit of the RAF’s primary operational division.
TEKEVER acquires Edinburgh-based Flowcopter
TEKEVER acquires Edinburgh-based Flowcopter
The move is designed to expand TEKEVER's autonomous capabilities with advanced propulsion technology.
Global aircraft order backlog tops 17,000 for the first time as demand outpaces production
Global aircraft order backlog tops 17,000 for the first time as demand outpaces production
New ADS figures show the global commercial aircraft backlog reached a record 17,037 jets in July, with strong airline demand continuing to outstrip manufacturers' delivery capacity.
UK pushes Navantia to accelerate delivery of Royal Navy support ships
UK pushes Navantia to accelerate delivery of Royal Navy support ships
The UK Ministry of Defence is pushing Navantia for earlier delivery of three Fleet Solid Support ships as construction of the first vessel advances at Appledore.
RAF Air Command becomes Air and Space Command as Britain elevates military space operations
RAF Air Command becomes Air and Space Command as Britain elevates military space operations
With the growing importance of military space operations, the new name reflects the widening remit of the RAF’s primary operational division.
TEKEVER acquires Edinburgh-based Flowcopter
TEKEVER acquires Edinburgh-based Flowcopter
The move is designed to expand TEKEVER's autonomous capabilities with advanced propulsion technology.
Teledyne passes 1,000 sensors in orbit with NASA Roman Telescope launch
Teledyne passes 1,000 sensors in orbit with NASA Roman Telescope launch
The launch of NASA's Nancy Grace Roman Space Telescope marks a major milestone for Teledyne, whose detector technology will enable the mission to investigate dark energy, hunt for exoplanets and survey billions of galaxies.
ADS cyclists battle crashes, climbs and forest fires to raise over £5,000
ADS cyclists battle crashes, climbs and forest fires to raise over £5,000
Industry riders covered 334 miles from Belfast to Bristol in support of Combat Stress, O2e and Air Ambulance Northern Ireland.
Scottish space tech to power self-consuming rocket engine
Scottish space tech to power self-consuming rocket engine
Aurora Avionics is to supply crucial electronic systems that will deliver key electrical power functions for a pioneering new rocket engine, that aims to cut propulsion costs and support next-generation spacecraft.
UK pushes Navantia to accelerate delivery of Royal Navy support ships
UK pushes Navantia to accelerate delivery of Royal Navy support ships
The UK Ministry of Defence is pushing Navantia for earlier delivery of three Fleet Solid Support ships as construction of the first vessel advances at Appledore.
TEKEVER acquires Edinburgh-based Flowcopter
TEKEVER acquires Edinburgh-based Flowcopter
The move is designed to expand TEKEVER's autonomous capabilities with advanced propulsion technology.
Metropolitan Police Force expands its fleet of crime-fighting e-bikes
Metropolitan Police Force expands its fleet of crime-fighting e-bikes
As it continues to address the challenge posed by criminals using e-bikes and mopeds to commit crime and evade the law, the Metropolitan Police Force has substantially increased its own fleet of Sur-Ron e-bikes, to tackle the perpetrators.