Bankers, bosses and military chiefs meet in Sheffield to discuss boosting defence
The government has asked the British Business Bank to “sharpen its focus on defence”
Bankers, manufacturing bosses, politicians - and university, chamber, army and navy chiefs - met in Sheffield for talks on ploughing millions into local defence companies.
The 22-strong event at the Cutlers’ Hall on Church Street was organised by the Sheffield-based British Business Bank.
The meeting included the bank’s chair Stephen Welton, Michael Hayman, chair of the British Chambers of Commerce, and mayor of South Yorkshire Oliver Coppard.
Senior army and navy officers and bosses from manufacturing ‘primes’ - major firms that rely on large supply chains - were also in attendance, as well as members of manufacturing organisation Make UK, funder Innovate UK, the National Wealth Fund, Sheffield University and a “large bank,” The Star understands.
The aim was to convene everyone working in the defence eco-system and discuss meeting the needs of the sector, a British Business Bank spokesperson said.
The bank has said it will invest £2bn into defence and sectors that support national security, sovereign capability and resilience over the next four years.
The government has set a target of spending three per cent of national income on defence by 2030.
It has asked the British Business Bank to “sharpen its focus on defence.”
The bank aims to drive economic growth by helping smaller businesses get finance to start, scale and stay in the UK.
A £5bn uplift in last month’s Budget increased its total financial capacity to £30.6bn.
At the time, Business Secretary Jonathan Reynolds said: “By giving the British Business Bank a stronger hand to back ambitious scale-ups, work more closely with devolved governments and mayors, and boost support for defence technologies, we’re helping companies across the UK to take the next step – driving growth and strengthening our security in a more uncertain world.”