Swindon & Wiltshire News
Defence contractor contributed £1.3 billion to South West economy in 2024
Defence contractor Babcock contributed £1.3 billion to the South West economy in 2024, according to a new report.
Independent research conducted by global business advisory firm Oxford Economics found the defence firm – which employs 12,000 staff in the region – made a total contribution to the UK economy of £4.3 billion from its nuclear, marine, and land and aviation divisions – up by £1 billion since 2022.
A further 21,500 jobs in the region were supported in the supply chain, according to the report.
Regionally, Babcock has multiple locations in Bristol, where its Submarine Availability Support Hub and a Technology Centre provide critical systems for defence and civil markets; Corsham, where it manages and operates the MoD’s military satellite communications system Skynet; and Tidworth, where it stores and maintains military vehicles.
The majority of Babcock’s South West staff are located at Plymouth, where the firm operates the Devonport dockyard.
Babcock CEO David Lockwood said: “We are proud of the role we play across the country.
“Babcock doesn’t just help protect the UK; we are helping to drive prosperity. At this critical time for national security, our highly experienced teams play a key role in developing sovereign capabilities to create a safe and secure world, together with our wider industry colleagues and partners.
“We are investing in infrastructure, technology, and skills that we need today to bolster the growth of our business for tomorrow. This commitment to our customers and continuous investment in our people is making us a better business. We are determined to continue supporting the communities we work in whilst delivering the capabilities our armed forces need to keep the country safe.”
Rt Hon Maria Eagle MP, Minister for Defence Procurement and Industry, said: “Babcock is a fantastic example of how defence is an engine for growth, creating jobs across the nation.
“The company supports thousands of skilled jobs across the South-West and Scotland and invests in British SMEs, building up local communities and developing talent through graduate and apprenticeship programmes.
“Our Defence Industrial Strategy will help direct more defence spending to British-based firms, such as Babcock, boosting defence jobs in every nation and region.”
Image: Skynet in action – courtesy of British Army / MoD / Crown Copyright
