2022 saw a 17.8% growth in UK defence sector recruitment, contributing to 84,000 jobs and £7.9bn total revenue as the government plans to raise defence spending to 2.
UK's defence sector saw growth in employment, revenue, and recruitment in 2022, with a 17.8% increase in recruitment. The sector supported about 84,000 jobs with £7.9bn total revenue and £13.8bn domestic revenue, with £12.3bn from the UK Ministry of Defence. The UK plans to raise its defence expenditure to 2.5% of GDP by 2030, resulting in increased global military spending and a rise in demand for advanced combat systems (Augustine weapons) and drones. This shift is likely to lead to mergers among defence companies, reduced numbers of larger firms, and a growing role for foreign companies in national defence.
April 30, 2024
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