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 Hawk T2 took off with “missing fuel cap”, report claims
RAF Hawk T2 took off with “missing fuel cap”, report claims
The inquiry into last September's Hawk T2 crash near RAF Valley is ongoing.
Ontic’s CargoCare set to support 747 freight flights
Ontic’s CargoCare set to support 747 freight flights
A new exchange and overhaul programme for Boeing 747 leading edge flap drive units is the first solution to be delivered under Ontic's new CargoCare service.
Newquay could host twice-daily space flights under new plan
Newquay could host twice-daily space flights under new plan
Spaceport Cornwall and Dawn Aerospace are exploring plans to bring reusable spaceplane operations to Newquay, with ambitions for twice-daily flights to the edge of space.
Apprenticeship Talent Bridge to boost defence industry jobs
Apprenticeship Talent Bridge to boost defence industry jobs
The 5% Club has launched the Apprenticeship Talent Bridge with BAE Systems and Babcock, established to help create jobs and build skills in defence.
RAF Hawk T2 took off with “missing fuel cap”, report claims
RAF Hawk T2 took off with “missing fuel cap”, report claims
The inquiry into last September's Hawk T2 crash near RAF Valley is ongoing.
Navantia UK secures new export contract, creating 60 jobs at Methil
Navantia UK secures new export contract, creating 60 jobs at Methil
The number of workers at Navantia UK's Methil yard is set to increase following the award of a second new vessel export contract and an expanding future workload.
Newquay could host twice-daily space flights under new plan
Newquay could host twice-daily space flights under new plan
Spaceport Cornwall and Dawn Aerospace are exploring plans to bring reusable spaceplane operations to Newquay, with ambitions for twice-daily flights to the edge of space.
Space war could emerge within five years as satellite threats grow, expert warns
Space war could emerge within five years as satellite threats grow, expert warns
A military conflict in space could emerge within the next five years as countries…
Viasat orders ALL.SPACE Hydra MAX Terminals for Ka-band networks
Viasat orders ALL.SPACE Hydra MAX Terminals for Ka-band networks
Viasat has placed an order for multiple ALL.SPACE Hydra MAX terminals approved to operate on Viasat's global NextGen Ka-band network, providing resilient SATCOM connectivity for defence and government users.
Space war could emerge within five years as satellite threats grow, expert warns
Space war could emerge within five years as satellite threats grow, expert warns
A military conflict in space could emerge within the next five years as countries…
UK targets faster defence procurement as Streeting calls for industrial overhaul
UK targets faster defence procurement as Streeting calls for industrial overhaul
UK Defence Secretary Wes Streeting has called for an overhaul of military procurement, setting targets to reduce contract timelines and speed up the delivery of new technologies.
The Reading Agency launches largest-ever UK prison book-gifting programme
The Reading Agency launches largest-ever UK prison book-gifting programme
An initiative from The Reading Agency, championed by Prison Reading Laureate Lee Child, will see almost a half million Quick Reads reach prisons across the UK, with a collection shaped by people in prison and prison staff.