Chancellor pledges to reindustrialise Barrow through defence investment

Summarised from 4 outlets · Updated 2 Nov, 13:18 · Archive

Chancellor John Healey has named Barrow as one of six places set to be 'reindustrialised and transformed' through increased defence spending.

Chancellor John Healey has named Barrow as one of six locations set to benefit from the Government's stepped-up defence investment. In his Budget speech, he also named Rosyth, Aldershot, Plymouth, Glascoed and Belfast as places which will be 'reindustrialised and transformed' as the Government ramps up defence spending.

Healey told the House of Commons: 'I will ensure this record defence investment works twice: once for our national security, and once for British jobs and British business.' He added that these places would be 'reindustrialised and transformed', saying: 'Security for our nation, jobs for our people, fresh hope for the future.'

The comments place Barrow at the centre of the Government's attempt to use growing defence expenditure as both a military and economic policy. The Chancellor announced a series of measures to bring more private finance into defence, including a new Innovative Defence Financing Taskforce to examine how private and international finance can support UK defence, sovereign capability and resilience. This taskforce will operate until the next Spending Review.

Healey also announced plans for treaty negotiations with Finland, Poland and the Netherlands over a multilateral defence financing mechanism aimed at increasing defence investment and joint procurement between NATO allies. The National Wealth Fund and British Business Bank will place greater emphasis on defence, dual-use technology and sovereign capability, with up to £5 billion of investment and lending over four years.

The Chancellor wants greater use of public-private partnerships to bring private investment into Britain's defence industrial base, with the aim of attracting billions of pounds of public and private investment into the sector.

Chancellor pledges to reindustrialise Barrow through defence investment — Image: NW Evening Mail

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How it is being reported

Barrow will be 'reindustrialised and transformed', Chancellor vowsBarrow has been singled out by the Chancellor as one of a handful of places set to be "reindustrialised and transformed" as the Government ramps up defence investment.NW Evening Mail · 2 Nov, 13:00
Barrow will be 'reindustrialised and transformed', Chancellor vowsBarrow has been singled out by the Chancellor as one of a handful of places set to be "reindustrialised and transformed" as the Government ramps up defence investment.Whitehaven News · 2 Nov, 13:00
Barrow will be 'reindustrialised and transformed', Chancellor vowsBarrow has been singled out by the Chancellor as one of a handful of places set to be "reindustrialised and transformed" as the Government ramps up defence investment.News & Star · 2 Nov, 13:00
Barrow will be 'reindustrialised and transformed', Chancellor vowsBarrow has been singled out by the Chancellor as one of a handful of places set to be "reindustrialised and transformed" as the Government ramps up defence investment.Westmorland Gazette · 2 Nov, 13:00

In this story: John Healey · Barrow · Rosyth · Aldershot · Plymouth · Glascoed · Belfast · Finland

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