AssetID: 56116171
Headline: UNCAPTIONED: Foreign Defence Contractors To Invest In UK Under New Rules
Caption: Foreign Defence Contractors To Invest In UK Under New Rules. Foreign companies awarded major UK defence contracts will be required to invest an equivalent amount back into Britain under new government rules. Defence Secretary Wes Streeting said overseas firms receiving contracts worth more than £50 million will be expected to invest the same value in British factories, jobs and training. Streeting said the policy was designed to deliver "bang for the British buck" as the government works towards increasing defence spending to 3% of GDP by 2030. The Ministry of Defence described the approach as an "offset strategy" aimed at ensuring increased military spending also benefits the wider UK economy. The requirements will be applied on a case-by-case basis from April 2027. The government said countries including Poland, Norway and the Netherlands already use similar measures to increase the domestic economic benefits of defence procurement. Instructions: THIS VIDEO MUST NOT BE EDITED FOR LENGTH TO COMBINE WITH OTHER CONTENT
Keywords: Current Affairs & Politics,Foreign Defence,contractors,invest,UK,new rules,equivalent amount,back into Britain,Defence Secretary,Wes Streeting,overseas firms,contracts,millions,factories,jobs,training
PersonInImage: