CBI issues statement on the Defence Investment Plan

Commenting on information shared by John Healey MP in his resignation letter that the government’s Defence Investment Plan fails to commit to 3% of GDP for Defence spending, Rain Newton-Smith, Chief Executive, CBI, who co-chaired the government’s Defence and Growth Taskforce last year, says: 

“We live in a precarious world where our peace and security is being tested. Enhancing our national security is vital, and a government commitment to higher defence spending is a key part of this. Delay carries a cost – not only to our security, but also to investor confidence.  

 “There is an urgent need for a fully funded Defence Investment Plan to be published as soon as possible. The sooner it is published, the sooner business can act. Giving a strong and clear signal allows contracts to be signed, supply chains to activate and investments and jobs to be realised. There is no time to waste. 

 “A fully funded Defence Investment Plan has the potential to be a catalyst for growth by crowding in capital, talent, and innovation across government, industry, academia, and finance, strengthening both our security and the long-term productivity of the UK economy.”