CEO of UK’s biggest defence company says delay is holding back investment as BAE posts record sales
The boss of Britain’s biggest defence company has urged ministers to publish a long-delayed blueprint for military spending as soon as possible, as it posted record sales driven by a global increase in demand after Russia’s full-scale invasion of Ukraine.
Charles Woodburn, the chief executive of BAE Systems, said companies want clarity on how the money would be spent, adding that the defence investment plan (DIP) – due in late 2025 – was holding back investment.
“We were expecting it before the end of last year and from an industry perspective we’re all keen to crack on,” he said on Wednesday. “The sooner the better as far as we’re concerned.
“Earlier clarity means that industry can make plans and invest, deploy our strong balance sheets … so looking for clarity is important for business. We’re keen that we see the publication of [the DIP] as soon as possible.”
