Oxford Economics and GeoEconomics reveal that defence company is key contributor to UK GDP, taxes, investments, R&D, and skills
Global defence and security company BAE Systems is a key contributor to the UK economy according to a report by two economic think-tanks. Oxford Economics and GeoEconomics revealed that BAE Systems, who design, develop and manufactureequipment and products for the defence industry, makes a major contribution to UK GDP, taxes, investment, R&D and skills.
The report showed that if the company maintains its research and development spending, the company could boost the UK's gross domestic production (GDP) by 1 percent over the next 12 years. In 2009, the company spent £900 million on R&D and made a direct contribution to the UK's GDP of £3.3 billion, delivering 4.9 billion pounds of goods and services in net exports.
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BAE Systems is the largest manufacturing-based employer in the UK and the country's largest single private sector employer of professional engineers with 18,000 staff in 2009. The study showed that BAE Systems' strategy in high value, high technology manufacturing and geographical footprint in the UK aligns strongly with government objectives to rebalance the country’s economy through the manufacturing industry.
BAE Systems manufacturing operations also have a significant knock-on effect to other industries. For every 10 jobs that BAE Systems create directly in the UK, another 12 are ....Read the rest of the article at:
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