LONDON: Britain will spend £4.2 billion ($4.9 billion) on five new frigates from the defense giant BAE . system to strengthen security “in the face of increased threats from Russia”, Prime Minister Rishi Sunak said Tuesday.
“The UK and its allies are taking steps to bolster their security against increased threats from Russia,” Sunak said in a statement in Downing Street.
“RussiaOur actions are all at risk. As we give the Ukrainian people the support they need, we are also tapping into the breadth and depth of UK expertise to protect ourselves and our allies. I. This includes building the next generation of British warships.”
This spending is the next phase in a program under which three ships have been built and all eight destroyers are expected to be completed by the mid-2030s.
In a separate statement, MY BABE Systems have confirmed the order for 5 more City Class Type 26 frigates.
The British defense giant added that this will sustain 4,000 jobs across the company and the broader supply chain.
Charles Woodburn, chief executive of BAE said: “This contract secures a vital UK industry and allows us to build on our long history of shipbuilding as we continue to deliver. advanced equipment for the Royal Navy over the next decade.
Tuesday’s announcement came as Sunak condemned Russia’s “barbaric” invasion of Ukrainein his keynote speech at the Group of 20 (G20) Summit in Bali, Indonesia.
President of Russia Putin stayed away, sending his foreign minister instead.
Meanwhile, BAE Systems has also boosted its earnings guidance, citing strong orders due to the “increasing threat environment” following the Ukraine conflict.
The group’s share price rose more than three per cent in late-morning trades on London’s flat stock exchange.
“BAE benefits from today’s geopolitical tensions,” noted analyst Olly Anibaba at research consultancy Third Bridge.
“Our experts expect the defense budgets of the US and Europe to continue to increase in the next two to five years. The Russia-Ukraine conflict is a wake-up call for many European countries.”
“The UK and its allies are taking steps to bolster their security against increased threats from Russia,” Sunak said in a statement in Downing Street.
“RussiaOur actions are all at risk. As we give the Ukrainian people the support they need, we are also tapping into the breadth and depth of UK expertise to protect ourselves and our allies. I. This includes building the next generation of British warships.”
This spending is the next phase in a program under which three ships have been built and all eight destroyers are expected to be completed by the mid-2030s.
In a separate statement, MY BABE Systems have confirmed the order for 5 more City Class Type 26 frigates.
The British defense giant added that this will sustain 4,000 jobs across the company and the broader supply chain.
Charles Woodburn, chief executive of BAE said: “This contract secures a vital UK industry and allows us to build on our long history of shipbuilding as we continue to deliver. advanced equipment for the Royal Navy over the next decade.
Tuesday’s announcement came as Sunak condemned Russia’s “barbaric” invasion of Ukrainein his keynote speech at the Group of 20 (G20) Summit in Bali, Indonesia.
President of Russia Putin stayed away, sending his foreign minister instead.
Meanwhile, BAE Systems has also boosted its earnings guidance, citing strong orders due to the “increasing threat environment” following the Ukraine conflict.
The group’s share price rose more than three per cent in late-morning trades on London’s flat stock exchange.
“BAE benefits from today’s geopolitical tensions,” noted analyst Olly Anibaba at research consultancy Third Bridge.
“Our experts expect the defense budgets of the US and Europe to continue to increase in the next two to five years. The Russia-Ukraine conflict is a wake-up call for many European countries.”
