TRAINING students to work in the defence industry will boost security, the economy and job opportunities, the PM reckons.
Sir Keir Starmer yesterday hailed his move to hike defence spending by £6billion a year.
Clik here to view.
Clik here to view.
He told an audience of sixth form students and small defence firms at No10 that it would create “the next generation of good, secure, well-paid jobs— and the pride and purpose of knowing your work keeps the nation safe”.
Representatives from firms including Supacat, Sheffield Forgemasters, GW Martin and JJ Churchill spent time talking to college engineering students.
Defence Secretary John Healey quipped the gathering was “the poshest venue for a jobs fair ever”.
He and Sir Keir said it underlined the importance of “investing in our security, and investing in peace and economic growth”.
The Government yesterday announced a hub to increase the number of smaller firms winning business from the Ministry of Defence, up from the current four per cent.
Around 70 per cent of defence spending goes to companies outside London and the South East.
Business chiefs say the defence and energy sectors are battling to hire as many engineering students and apprentices as possible, with welders in high demand.
Labour’s clean power push will drive up the need for engineers to work on cables and wind turbines at the same time as defence firms need similar skills to build tanks, nuclear submarine reactors and drones.
Asked which sector should be prioritised by an aspiring engineer, Sir Keir said “It’s not an either or question — they are both important.”
The plan to back British defence firms comes as a number have been snapped up by foreign investors.
US private equity company Bain Capital is said to be eyeing a £1billion move for Hampshire-based Chemring.
Some firms say banks are refusing access to funding for environmental, social and governance policy reasons.
Mr Healey said work was being done with the Chancellor to focus on “barriers to finance”.
Defence rocketing
SHARES in defence companies rocketed yesterday as traders bet on European governments having to boost military spending.
BAE hit an all-time high with shares reaching £16.17, valuing the firm at £48.27billion.
Chemring also saw its shares surging by 7.10 per cent to 400p-a-share, valuing it at £1.09billion.
France’s Thales jumped to €222.4-a-share while Germany’s Rheinmetall rose to €11.44.
Russ Mould, investment director at AJ Bell, said: “Investors are focused on the potential for governments spending large swathes of money to help others.”
Epstein’s ‘pal’ ban in court
Clik here to view.
FORMER BARCLAYS boss Jes Staley spent yesterday in court, trying to clear his name over his ties to Jeffrey Epstein.
The Financial Conduct Authority has been trying to ban the 68-year-old from the City, viewing his statement that he “did not have a close relationship” with the late paedophile as misleading.
Lawyers admit Mr Staley used Epstein’s private jet and visited his island, but this was not enough for him to become aware of what was later alleged.
They say he only had a “professional relationship” with the financier, while the FCA’s lawyers say it became personal.
The FCA watchdog also has access to email records, in which Mr Staley refers to Epstein as “family”.
Mr Staley’s lawyers say they were in touch as Epstein’s range of contacts was of professional value.
The hearing at London’s Upper Tribunal continues.
Mr Staley will be cross-examined in court next week.
Firms axe jobs
MANUFACTURING firms are shedding jobs at their fastest rate in almost five years amid rising inflation and taxes.
The closely-watched S&P Global UK manufacturing PMI survey recorded a reading of 46.9 in February, down from 48.3 in January.
Any score below 50 suggests the industry is shrinking, while above 50 marks growth.
Rob Dobson, of S&P Global Market Intelligence, said the cost increases were worsening inflation fears and leading many firms to axe staff.
SMEs held back
BRITAIN’S economy could see an £83billion growth boost if small and medium sized firms were helped to hit their ambitions, a report claims.
MakeUK found that four in five SMEs struggle to access finance in the “make or break” stages of investment.
It said challenges navigating export rules, difficulty in adopting automation and a lack of access to skilled labour also held many back.
MakeUK said the number of manufacturers was down 7,800 in three years to 269,000.
HIGH fashion giant Prada is close to bagging Versace with a £1.2billion deal.
Talks have been going on for months with owner Capri Holdings, which bought Prada for £1.64billion in 2018.
It would mean that New York-listed firm Capri would nurse a loss.
Brekkie's eggstra
THE cost of breakfast is going up, with butter, cheese, eggs, and bread all getting pricier.
Food inflation rose by 2.1 per cent in February — compared to 1.6 per cent in January, the British Retail Consortium says.
Climbing coffee prices could make mornings even more expensive, warned BRC boss Helen Dickinson.
The BRC has previously predicted that food inflation will be over 4 per cent by the second half of this year.