BRITAIN TO INVEST £6BLN ON SUBMARINE-BUILDING -The investment will cover a four-year spending review period
The UK is set to invest over six billion pounds in its submarine building capacity, supporting firms like defence group BAE Systems and engineering multinational Rolls-Royce.
These investments in the defence nuclear sector are being predicted to boost the “capacity, capability and productivity of the UK’s submarine industrial base”, including at BAE Systems and Rolls-Royce Submarines, a subsidiary of Rolls-Royce.
The investment will cover a four-year spending review period to help companies deliver the increase in submarine production rate, as announced by the government.
The Chancellor of the Exchequer, Rachel Reeves, is set to announce the results of her first multi-year spending review tomorrow, including an investment of four billion pounds over the next decade in its Plymouth naval base.
Reeves will also announce an investment in the redevelopment of a naval base in Scotland and in Sheffield Forgemasters, a steel company that produces components for submarines.
