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
First Islander from reshored Britten-Norman production line begins ground testing
First Islander from reshored Britten-Norman production line begins ground testing
The aircraft is expected to fly for the first time in September before being delivered to the Falkland Islands Government Air Service.
Manchester Airports Group reports cyber security incident
Manchester Airports Group reports cyber security incident
Manchester Airports Group has reported a cyber security incident involving customer data, amid growing concern over cyber attacks in the UK.
Unpublished DfT study strengthens case for tougher night-noise policy
Unpublished DfT study strengthens case for tougher night-noise policy
New evidence on sleep disturbance and lost wellbeing could reshape how airport growth, noise thresholds and community mitigation are assessed.
Royal Navy commanders receive advanced synthetic training in record time
Royal Navy commanders receive advanced synthetic training in record time
Delivered almost a year ahead of schedule, the Maritime Command and Staff Trainer (MCAST) is providing Royal Navy commanders with a virtual synthetic training system to run complex command, staff and operational exercises.
The Hawk was built in Britain. Its replacement may only be assembled here
The Hawk was built in Britain. Its replacement may only be assembled here
Foreign-designed trainers are competing for the RAF requirement, leaving the UK to decide whether final assembly provides enough jobs, skills and sovereignty.
BlackTalon Ecosystem trains allied military operators at NATO’s BATT26
BlackTalon Ecosystem trains allied military operators at NATO’s BATT26
NATO’s BATT26 exercise in Latvia - centred on interoperability between industry and allied forces - saw military operators trained on the counter-UAS BlackTalon Ecosystem in realistic field conditions.
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.
STFC reveals latest Ernest Rutherford Fellows
STFC reveals latest Ernest Rutherford Fellows
Backed by an investment of £6 million, seven early-career physicists have been awarded Ernest Rutherford Fellowship’s by the Science and Technology Facilities Council (STFC), supporting research, from the search for dark matter to the physics of black holes.
Austrian ENPULSION moves to acquire UK space propulsion specialist Lift Me Off
Austrian ENPULSION moves to acquire UK space propulsion specialist Lift Me Off
Austrian spacecraft propulsion manufacturer ENPULSION has agreed to acquire British specialist Lift Me Off, bringing together electric and chemical propulsion capabilities in a deal that will require UK Government approval.
Manchester Airports Group reports cyber security incident
Manchester Airports Group reports cyber security incident
Manchester Airports Group has reported a cyber security incident involving customer data, amid growing concern over cyber attacks in the UK.
Why the role of dogs in security is misunderstood
Why the role of dogs in security is misunderstood
The role of dogs and their use within today's security sector is often not fully appreciated, including their extraordinarily unique capabilities - which even the most sophisticated new technologies cannot match - and their incredibly selfless bravery.
Cellebrite reveals ruggedised C-TEK forensics field kit
Cellebrite reveals ruggedised C-TEK forensics field kit
With its portable forensics field kit, Cellebrite has brought together rugged hardware and software to allow mission-critical data and intelligence to be captured and actioned in the field, enabling forward-deployed teams to quickly triage data from phones, SIM cards, drones and portable media to advance their mission advantage.