Gearing up for growth: How the Government's new defence industrial strategy could be a shot in the arm for Telford firms
A Government investment of more than £770m could bring a major boost to Telford's defence firms.
The Government’s new Defence Industrial Strategy was launched this week, supported by £773 million of investment, and intended to set out ministers' plan to boost the nation's economy through its defence industry.
Launching the policy with an announcement of initial funding for five "Defence Growth Deals", worth £250 million for projects in various regions of the UK, Defence Secretary Luke Pollard said the strategy would make the UK's defence companies an "engine for economic growth", as well as a hub for employment and innovation in industry.
Key elements of the plan include the deals to boost regional economies, increased spending to at least 2.6 per cent of GDP by 2027, a new 10-year Defence Investment Plan to provide "clarity" for industry, and a focus on upskilling the workforce for future defence needs.
The Government hopes the injection of public cash into the nation's defence industries will “spread prosperity” across the UK's domestic regions.
And while none of the initial cash was ring-fenced for projects in Shropshire, the Government was sending out a clear signal that places such as Telford will continue to benefit from its defence investment.
The announcement follows a string of recent contracts which have underlined the town’s growing importance to the country’s defence industry.
