'SMEs to benefit from increased defence spending' - MP

The Rawmarsh and Conisbrough MP and Defence Secretary said the investment would “protect UK citizens from threats at home, but also create a secure and stable environment in which businesses can thrive, supporting the government’s number one mission to deliver economic growth.

The government has also announced plans to launch a new hub to provide small and medium enterprises with better access to the defence supply chain and a commitment to set direct SME spending targets for the Ministry of Defence by June this year.

John Healey said: “For too long small businesses felt locked out of defence, but we've listened and we're acting.

“This announcement will ensure that smaller firms benefit from increased defence spending, attracting new suppliers and fast-tracking the technologies of the future into the hands of our Armed Forces.

“This is a chance for small, often family-owned, firms to bring their innovations, their agility and their expert workforce to the task of strengthening Britain’s defences. It will help create new jobs, boosting the economy of small towns and suburbs in the UK.

“This a new era for defence and we will ensure it plays the fullest part in our national economic growth.”

The new Hub will work with suppliers across the nations and regions of the UK to ensure that it fully meets their needs, he added.