Report reveals BAE contribute £7.9Bn to the UK economy

A new report published by the influential Oxford Economics research group shows the major contribution made by BAE Systems to the UK economy.

The report, ‘The Impact of BAE Systems on the UK Economy’, gives a detailed analysis of the effect the Company’s has at national and regional levels on the UK economy and looks at the contributions made by its employees and the wider supply chain, in addition to the value of its imports and technological advancements to the broader economy.

 

Key findings in the report include:

BAE Systems contribute a total of £7.9Bn to the economy of the UK, equivalent to 0.46 per cent of GDP, by way of direct, supply chain and workforce consumer spend contributions.

The labour productivity of each worker is £95,000,  twice the national average.

BAE exports £3.9Bn of goods and services, accounting for one per cent of all UK exports. Its supply chain is made up of 7,000 companies, with annual spending in the UK exceeding £3.9Bn.

Employing 122,700 people in the UK, BAE invest £80M in training per annum. This year, the Company will recruit over 800 apprentices and 300 graduates, some of who will go to employment for SMEs throughout the country.

BAE play a major part in the UK’s technology innovation with over £695M managed in investments in research and developments, with over 1,200 registered patents.

In terms of a regional level, BAE made significant economic contributions to the Northern Powerhouse, and creating economic value in the North West (Lancashire and Cumbria), Scotland (Glasgow) and the South (Portsmouth).

 

Sir Roger Carr, BAE Systems’ chairman, said of the report: “Our business and the many thousands of companies we work with across our supply chain are driving prosperity throughout the UK, providing valuable jobs and training.

“As one of the UK’s leading providers of quality apprenticeships, we have extended our commitment further, pledging to employ 2,000 apprentices by 2018.

“Our employees are incredibly proud to play a key role in protecting and serving the Armed Forces that protect and serve us. In doing so, BAE Systems makes a material contribution to the economic health of the country as well as to the safety of the nation.”

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