A partnership for national prosperity
The Confederation of British Industry (CBI), together with knowledge partners Oliver Wyman and with support from the Chancellor of the Exchequer, Rachel Reeves, and Secretary of State for Defence, John Healey, has mobilised financial services and defence industry leaders to form the Defence and Economic Growth Taskforce.
The Taskforce brings together senior leaders from both sectors to unlock investment, strengthen the UK’s defence capability and drive economic growth. It will recommend how government and industry can take targeted action to deliver on these goals and support wider initiatives such as the Spending Review and the refresh of the Defence Industrial Strategy.
Unlocking the UK’s defence-led growth opportunity
The Defence and Economic Growth Taskforce sets out a bold vision: to turn defence investment into a long-term driver of national prosperity.
To do this, the UK must send a clearer demand signal to the market and foster a ‘Team UK’ mindset - uniting government, industry, and finance around a shared economic and strategic mission.
The report identifies four key outcomes needed to achieve this ambition:
- Use defence spending as an economic force multiplier
- Improve the global competitiveness of UK defence-related firms
- Mobilise trusted private sector investment
- Attract finance to build a resilient, government-aligned defence supply chain
These are underpinned by eight actionable recommendations, spanning quick wins and long-term reforms.
Read the full report to explore the case for change – and what it will take to deliver it.
What's next?
UK business needs to see real change for the UK to fully unlock defence investment. Members will play a vital role in shaping what comes next. To get involved and stay informed on future developments, contact Senior Policy Manager Helena Coe.
Not a member?
Contact our team to learn more about the Defence Taskforce and how your organisation can get involved.
Full list of members
Aimie Stone, Chief Economist, ADS Group
Andrea Rossi, Group CEO, M&G plc
Andy Briggs, Group CEO, Phoenix Group
Charles Woodburn, Group CEO, BAE Systems
Charlie Nunn, Executive Director and Group CEO, Lloyds Banking Group
Dave Palmer, General Partner, Ten Eleven
David Lockwood, CEO, Babcock International
Dom Cartwright, CEO, RFD Beaufort
Ian Stuart, CEO of HSBC UK Bank plc, HSBC Kata Escott, UK Managing Director and Head of Country, Airbus Defence and Space
Kerry Baldwin, Managing Partner and Co-Founder, IQ Capital
Lisa Quest, Managing Partner UK & Ireland, Oliver Wyman
Marc Wietfeld, CEO & Co-Founder, ARX Robotics Matt Hammerstein, CEO UK Corporate Bank, Barclays
Ned Baker, UK Managing Director, Helsing
Paul Thwaite, Group CEO, NatWest Group
Peter Lovell, Global Head of Defence and Security, PA Consulting
Rain Newton-Smith, CEO, Confederation of British Industry
Raoul Hughes, CEO, Bridgepoint Group
Rebecca Richards, Deputy CEO Vehicle Systems International, Rheinmetall VSI
Ricardo Mendes, CEO and Co-Founder, TEKEVER
Rob Hales, Managing Director of James Fisher Defence, JFD Global
Rain Newton-Smith, CEO, CBI
"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.
Increases in defence spending bring benefits to UK investors, manufacturers, and the supply chains that are routed in our regional communities. While the spillover effect from investment in rapid technological advancements will drive innovation that can deliver huge benefits back into the British economy.
I am delighted to be involved in this taskforce and its work to ensure that the government’s commitment to increased defence spend translates into an opportunity to not only grow the UK’s defence and security capability, but to also drive sustainable economic growth across the country.”
Lisa Quest, Managing Partner UK and Ireland, Oliver Wyman
“The UK Defence Industry will play a critical role in our society, protecting our values and promoting peace.
Creating the conditions for accelerated capital flows to defence and dual-use technologies will drive growth across national supply chains and foster innovation across the economy.
The co-creation of recommendations to mobilise the right combination of public, private, and institutional capital will be key to unlocking wider security, resilience, and growth objectives.”
