BAE warship division boosts GDP by millions
BAE Systems will today reveal that its warship business added almost £600m to the UK economy and supported 15,000 jobs over the past 12 months.
BAE Systems Surface Ships, formerly BVT Surface Fleet, contributed £231m directly to gross domestic product (GDP), with an additional £366m created in the wider economy through the knock-on effects of wage and supplier payments, according to the University of Strathclyde.
The study shows that the business generated a total of £426m worth of wages across the UK, and a turnover of £1.12bn, demonstrating the economic and social value of the warship industry to the UK.
“Our long-term partnering agreement with the Ministry of Defence will help to sustain key industry capabilities in the UK and we will continue to invest in our people and facilities to ensure that, as part of BAE Systems, we remain at the heart of British industry,” said BAE Systems Surface Ships managing director Alan Johnston.
The study covered employment, wages, turnover and contribution to GDP for BAE Systems Surface Ships operations in Glasgow, Portsmouth and Filton for the year 2008/09.