The latest figures for the fiscal year 2022/23 highlight the MOD’s substantial investments in the UK defence industry, showcasing a diverse range of expenditures aimed at improving the nation’s defence capabilities. This strategic spending not only demonstrates the government’s dedication to national security but also plays a pivotal role in driving economic growth and job creation throughout the UK.
Regions across the UK have felt the positive impact of this increased defence spending. Yorkshire and The Humber have experienced a remarkable doubling in defence expenditure, the highest increase among all regions, while Wales enjoyed a 25% rise in funding. These investments underscore the MOD’s effort to distribute economic benefits evenly across the nation.
On a per capita basis, the MOD’s spending equates to an average of GBP 370 for every UK resident, a clear indication of the government’s investment in safeguarding the country. Additionally, the defence sector continues to be a significant source of employment, supporting 209,000 jobs as revealed in the latest summer job figures.
Defence Secretary Grant Shapps highlighted the importance of these investments, stating, “As threats increase across the globe, it’s crucial that investment in our Armed Forces matches that picture.” He emphasized the UK’s commitment to equipping the military with state-of-the-art capabilities to ensure the nation’s security around the clock.
The report also reveals a third consecutive year of increased defence spending, with the Southeast of England receiving the highest level of MOD expenditure. The commitment to defence is evident across the UK, with notable increases in Wales and Northern Ireland. Scotland leads in terms of investment, with over GBP 2 billion spent annually.
The stats published on Thursday 8 February regarding spend with UK industry can be found here.
The latest figures on jobs supported through UK industry can be found here.
