UK Business Secretary meets defence CEOs
Image courtesy Department for Business & Trade
It will focus on navigating environmental, social and governance (ESG) principles and how they can pose challenges to growth and attracting investment.
Today’s roundtable will discuss how to realise the economic potential of the defence sector and changing perceptions of it among investors – which is essential to kickstarting economic growth and provide greater investment across the UK. It will bring together CEOs from some of the UK’s most prominent defence companies, as well as trade associations for the UK’s defence, financial services and manufacturing sectors, with reps from major UK investment banks.
This comes just a week after the Defence Secretary launched the Government’s Defence Industrial Strategy – by inviting investors, innovators, industry and trade unions to give their views on how to grow a better, more integrated, more innovative and more resilient defence sector.
It forms a key part of the Business Secretary’s commitment to a ‘pro-growth, pro-business’ approach and working together with industry to unlock investment into the UK’s key growth sectors and create high-quality jobs.
Business Secretary Jonathan Reynolds said: "Our world-leading defence sector is vital to the economy, supporting thousands of high-skilled, high-paid jobs across the UK. With our Industrial Strategy we’re taking the pro-business, pro-growth approach the sector needs to drive investment in every part of the country.
"This government is committed to working together with industry to tackle the challenges they face to attracting investment and that’s why roundtables like these are so important as we work to give investors the confidence they need for years to come."
Minister for Defence Procurement and Industry Maria Eagle said: "This government recognises the vital role of the defence sector as an engine for growth, strengthening our security and economy.
"Only a week after the Defence Industrial Strategy consultation launch, we are ramping up engagement with industry, working hand in hand to tackle shared challenges and identifying opportunities to innovate at speed. Our new Strategy will mobilise the private sector to help face down global threats, direct more public investment to British businesses and create jobs and growth in every nation and region of the UK.
ADS CEO Kevin Craven said: "Our defence sector not only underpins our national security and deterrence capability, but also provides jobs to more than 164,000 people directly throughout the country. For our sector to continue to deliver the social value it is renowned for – alongside its role as a key driver of economic growth – government’s engagement with industry is pivotal to strengthen the UK’s position as a place for defence companies to invest and grow and from which to export.
"ADS welcomes the progress made by this government so far and industry looks forward to seeing the results of our continued dialogue in securing UK advantage in an increasingly unstable geopolitical environment."
Roundtable attendees:
- Jonathan Reynolds, Secretary of State for Business and Trade
- Maria Eagle, Minister for Defence for Procurement and Industry
- Kevin Craven, CEO, ADS
- Bob Wigley, Chair, UK Finance
- Andrew Kinniburgh, Director General, Make UK Defence
- Adam Forgiel-Jenkins, Government Relations Director, BAE Systems
- John Howie, Chief Corporate Affairs Officer, Babcock
- Miles Celic, CEO, City UK
- Rebecca Richards, Deputy CEO, Rheinmetall VSI
- Nicola King, Co-Head of Geopolitical Advisory, Rothchilds & Co
- Rob Hales, Managing Director, James Fisher Defence
- Michael Pascall, Head of Industrials and Services, Barclays Bank
- Adam Forgiel-Jenkins, Government Relations Director, BAE Systems
The Government has identified defence as one of eight UK growth sectors its upcoming Industrial Strategy will prioritise for driving investment, supporting the Plan for Change ambitions. This is an important opportunity for the Business Secretary to hear from industry leaders on the challenges they face. He will also seek views on how the Government can work together with them to help boost investment and tackle challenges such as access to finance, invest-ability and reputation.
