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
UK airports set new passenger record despite Middle East disruption
UK airports set new passenger record despite Middle East disruption
CAA data shows UK airports reached a new Q2 passenger high, with Ryanair and Jet2 growth helping offset steep falls in Middle East traffic.
Sustainable aviation fuel pioneer completes successful trials
Sustainable aviation fuel pioneer completes successful trials
In trials at its plant in Teesside, Nova Pangaea Technologies has shown that its processing of waste biomass and residues into sustainable aviation fuel (SAF) can be done at a commercial scale.
Nothing now stands in the legal way of Gatwick’s £2.2bn second runway
Nothing now stands in the legal way of Gatwick’s £2.2bn second runway
London Gatwick says it can shift its Northern Runway project from planning into detailed design and delivery after the conclusion of an eight-year legal and planning process.
Teledyne selected for US Army DUTCH Award
Teledyne selected for US Army DUTCH Award
The contract award will enhance US thermal sensor capabilities and scaling these technologies for high-volume production to advance future defence programmes.
Navantia UK expands workforce with new apprentice hires
Navantia UK expands workforce with new apprentice hires
As part of a company-wide intake of 121 apprentices this year, Navantia UK has hired 21 new apprentices at its Methil facility, helping develop a pipeline of talent into shipbuilding in Scotland.
British naval gun maker wins NATO order while Royal Navy buys elsewhere
British naval gun maker wins NATO order while Royal Navy buys elsewhere
MSI Defence Systems has secured a €19.4m contract from an unnamed NATO country for three 30mm naval gun systems configured for counter-UAS missions.
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.
Lanarkshire AI Growth Zone gains £300m investment as Dell establishes Scottish base
Lanarkshire AI Growth Zone gains £300m investment as Dell establishes Scottish base
A £202 million guarantee from the UK National Wealth Fund has attracted an investment of £300 million in Lanarkshire's AI Growth Zone, which with Dell Technologies establishing a base there too, is set to support over 3,400 skilled jobs.
The 2028 quantum deadline aerospace and defence suppliers can’t afford to ignore
The 2028 quantum deadline aerospace and defence suppliers can’t afford to ignore
Despite the deadline being years away, companies in the aerospace and defence sectors are being encouraged to start their planning now to ensure compliance later
Serco to support prison infrastructure at Christchurch Men’s Prison
Serco to support prison infrastructure at Christchurch Men’s Prison
As the New Zealand Government looks to add much needed capacity to its prison system, it has selected Serco to provide facilities management and maintenance services to support a safe and resilient prison infrastructure at Christchurch Men’s Prison.
UK defence jobs jump by 26,000 as MoD spending supports 274,000 workers
UK defence jobs jump by 26,000 as MoD spending supports 274,000 workers
Ministry of Defence spending with UK industry now supports one in every 100 jobs, according to new figures.