Our Barclays Business Prosperity Index brings together research from a survey of over 1,000 business decision makers with Barclays’ proprietary data and insights, which consists of approximately one million SMEs and a quarter of all UK corporates.
The Index allows us to take the temperature on how UK business is feeling, whether leaders are moving forward with confidence, or looking over their shoulder, and if they’re ready to invest. And, on defence, there is widespread positivity.
Our research shows that 74% of business leaders support the Government’s plan to raise defence spending to 5% of GDP by 2035. Well over half of all leaders are seeing an opportunity in this policy change, with 60% saying they believe Government investment in defence can create economic opportunities in their sector.
Asked about their own prospects, 51% say they expect increased defence spending to have a positive impact on their business, 56% anticipate benefits for their region, including new investment or partnerships to their region, and 40% expect it to support SME growth, innovation, and job creation locally.
All of these figures make for hugely encouraging reading.
I am a proud member of UK Defence and Economic Growth Taskforce, and I have seen first-hand the industry’s commitment to innovation and skills development.
Hearteningly, our data shows that business leaders now share that view, with 56% looking to the industry to boost research and development in new technologies, while 50% highlight the creation of new contracts and opportunities within local supply chains as a key benefit to their business, with 53% anticipating enhanced skills and workforce development.
