The Government has confirmed its intention to ‘turbocharge’ defence spending and innovation, including plans to bring investment, jobs and production to Telford.
Shaun Davies, MP for Telford, has signed an open letter from MPs (attached) to UK banks and fund managers, calling on them to unlock greater investment in defence by revising their Environmental, Social and Governance (ESG) guidelines.
ESG guidelines often prohibit investment in defence technology on ethical grounds – but the letter argues that the threat to Ukraine posed by Russia, and the risk of future threats to the United Kingdom, mean defence is now an ethical industry to invest in.
The Government has already announced the biggest increase to defence spending since the Cold War, rising to 2.5% of GDP by April 2027. Shaun Davies responded to that announcement by asking whether that money would be invested into British industry and British jobs, including Telford’s leading defence sector. This week, the Government also announced the creation of a new defence innovation body, to use the British research and defence industries to boost military technology and capability.
Telford will benefit from the Government’s drive to strengthen our military, with 148 Challenger 3 Tanks and 623 Boxer armoured vehicles to be manufactured by Rheinmetall BAE Systems Land in Telford by 2030. The Government is investing £5bn in this project.
Shaun Davies MP welcomed the news, saying: “For decades, defence has been among the UK’s flagship industries, and here in Telford it’s a major source of employment and growth. But investing in defence goes beyond jobs and growth: it’s vital for the defence of our nation, and for global peace and security. I’ve been banging the drum for Telford’s defence and technology sectors, and it’s good to see the Government agree that defence innovation in places like Telford is a top priority.”
