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
Winter hydrogen trial at Exeter Airport strengthens case for lower-carbon ground operations
Winter hydrogen trial at Exeter Airport strengthens case for lower-carbon ground operations
Exeter Airport’s latest hydrogen trial found a converted dual-fuel ground power unit could operate safely in winter, reducing diesel burn and carbon emissions.
Ontic acquires compass specialist SIRS Navigation
Ontic acquires compass specialist SIRS Navigation
The acquisition of the Kent-based precision magnetic compass manufacturer, adds a trusted brand to Ontic's expansive portfolio of critical aviation components.
easyJet faces $72 million lawsuit over six Russian-linked Airbus jets
easyJet faces $72 million lawsuit over six Russian-linked Airbus jets
A dispute over six parked Airbus A319s has escalated into a High Court battle that could shape future interpretations of sanctions-era leasing obligations.
HMS Daring powers up Sampson radar ahead of Royal Navy return to sea
HMS Daring powers up Sampson radar ahead of Royal Navy return to sea
The Type 45 destroyer is in the finishing stages of completing her years long programme of regenerating to active service.
UK helped foil Russian operation targeting vital Arctic subsea cables
UK helped foil Russian operation targeting vital Arctic subsea cables
An exclusive Reuters report uncovers new details of a covert Arctic operation, with Russian subs allegedly "training to unleash a secret weapon".
Babcock awarded electro-mechanical training contract extension
Babcock awarded electro-mechanical training contract extension
The continued electro-mechanical training of students across the British Armed Forces has been assured under an MoD contract extension with Babcock.
Major General Tedman joins Seraphim Global Space Council
Major General Tedman joins Seraphim Global Space Council
Seraphim Space has welcomed Major General Paul Tedman CBE - one of Europe’s most senior and military space leaders and until recently the Commander of UK Space Command - to its Global Space Futures Advisory Council.
Filtronic strengthens access to India’s space and defence sectors
Filtronic strengthens access to India’s space and defence sectors
Following the signing of an MoU with Spur Microwave, Sedgefield based high-frequency connectivity solutions provider Filtronic, aims to increased its access to space and defence opportunities in India.
From 66 aircraft to £62.9 billion: The extraordinary evolution of Farnborough International Airshow
From 66 aircraft to £62.9 billion: The extraordinary evolution of Farnborough International Airshow
This week, Farnborough International Airshow celebrates 78 years since the first airshow took place. Here's how Farnborough has become a global marketplace for aerospace and defence... and what's next.
MBDA opens Poland missile facility as UK defence partnership deepens
MBDA opens Poland missile facility as UK defence partnership deepens
In an initiative that supports the UK’s commitment to reinforcing NATO’s eastern flank by bolstering Polish air defences, a new facility built with British expertise has been opened in Poland.
Chess introduces AI-enabled Low SWaP CHARM50
Chess introduces AI-enabled Low SWaP CHARM50
Chess Dynamics has expanded its Vision4ce CHARM portfolio with the introduction of its Low SWaP CHARM50, a new compact AI-enabled edge video processing module which supports growing demand for smart sensors, distributed sensing architectures and low-SWaP ISR applications.
UK firms exposed by simulated attacks on satellites, subsea cables and financial infrastructure
UK firms exposed by simulated attacks on satellites, subsea cables and financial infrastructure
How a new FCS exercise brought financial firms and the MoD together to gain a better understanding of modern threats to British financial services and how to better prepare.