PRESS RELEASE : UK defence industry spending tops £25 billion for first time [February 2024]
The press release issued by the Ministry of Defence on 8 February 2024.
Defence spending with UK industry by the Ministry of Defence has topped £25 billion for the first time, official statistics have revealed.
- Official breakdowns show increases in almost all areas and nations
- Notable increases in spending recorded in Northern Ireland and Wales
- Figures show more than 200,000 jobs are supported through the UK’s defence industry
The 2022/23 statistics, published today, detail the money spent by the MOD with UK defence companies. The breadth of spending highlights the government’s commitment to continually improving the defence sector, while supporting the economy and creating hundreds of thousands of jobs across the country.
Yorkshire and The Humber saw a doubling in overall expenditure, the highest of all areas, while Wales saw a 25 per cent rise in the same figure.
An average of £370 is being spent with the UK defence industry for each person living in the UK, showing the level of spending that helps keep the nation protected.
The latest jobs figures – published in the summer – also show 209,000 UK jobs are supported through the MOD’s expenditure with our defence industry.
Defence Secretary, Grant Shapps said:
As threats increase across the globe, it’s crucial that investment in our Armed Forces matches that picture.
That’s why we’re spending more than £50 billion annually, helping equip our military with cutting-edge capabilities, so they can continue to protect our freedoms around the clock.
These statistics demonstrate how all parts of the UK are playing their part in that crucial work, delivering through our fantastic defence industry and boosting local prosperity.
The UK has experienced its third consecutive year of increased spending, with the Southeast of England receiving the highest MOD Expenditure with UK Industry, followed by the Southwest.
Wales and Northern Ireland saw an increased level of expenditure compared to last year’s statistics, highlighting the key role the Nations play, with Scotland leading the investment with more than £2 billion spent annually.
