"The taskforce aims to deliver actionable recommendations to the government on how to translate increased defence spending into broader economic benefits, fostering growth."
""In these turbulent times, the government is right to position the defence sector as a key engine of growth pivotal to ensuring our national and economic resilience," said Newton-Smith."
"The initiative emphasizes innovation, investment acceleration, and strengthening supply chains, while aligning closely with agencies like ARIA and the British Business Bank."
"Taskforce members will explore adaptations in government procurement and innovation policies to enhance the speed of bringing new solutions to market."
The Confederation of British Industry has launched a Defence & Economic Growth Taskforce to harness the UK's defence sector for promoting innovation, economic resilience, and growth. Supported by top government officials and strategic partners, including financial institutions and consultancy firms, the initiative seeks to provide actionable recommendations within 12 weeks. With planned defence spending set to rise to 2.5% of GDP by 2027, the taskforce will study how this spending can benefit the wider economy, focus on innovation, and strengthen supply chains, while refining government procurement processes to expedite market entry for innovations.
Read at Business Matters
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