Autumn Budget 2018: Defence Procurement Highlights
Chancellor of the Exchequer Philip Hammond has allocated an extra £1 billion to boost the UK’s defences between now and the end of 2019. This money is in addition to the £800 million increase announced in the summer.
During the Budget speech, Mr Hammond said that this extra funding will modernise key areas focusing on anti-submarine warfare and expertise in cyber security.
A “boost” for UK defence
Currently the UK spends more on defence than any NATO member, except for the US. Last week during the Budget announcement, Mr Hammond acknowledged “the scale, scope and complexity of the threats” the country is currently facing.
To address the “immediate pressures” the Armed Forces are facing, he said the government will:
“provide an additional £1bn to the MOD to cover the remainder of this year and next…
…to boost our cyber capabilities…
…and our anti-submarine warfare capacity”
In response to this, Defence Secretary Gavin Williamson said that the extra funds provided a “substantial financial boost”. On Twitter he posted:
“Not only will this funding ensure we continue to have world-leading Armed Forces but will also allow defence to modernise our critical assets, such as our offensive cyber capabilities, anti-submarine warfare and our nuclear deterrent”
Among the defence programmes that will benefit from the extra cash is the UK’s continuous at-sea deterrent Dreadnought.
Security is high on the government’s agenda with the Chancellor announcing that a further £160 million has been allocated to fund counter-terrorism policing.
“It is not only our Armed Forces that keep us safe.
Our counter-terrorism police play a vital role in defending Britain against the evolving threats we face.
We committed in 2015 to spend 30% more on counter-terrorism capabilities over the current Spending Review period.”
New opportunities for defence suppliers
This increase in spend shows the government’s focus on defence and on protecting the public from terrorism, which in turn will lead to an increase in defence and security tenders.
If you are interested in defence procurement and would like to find more opportunities, start a free three-day trial of DCI now!