BAE Systems awarded £4bn funding for nuclear submarines
BAE Systems has awarded £4 billion in funding for nuclear submarines
BAE Systems has received £3.95 billion in funding from the Ministry of Defense for a submarine programme.
Yesterday, Defense Secretary Grant Shapps said the money would “promote the development of the most powerful attack submarines ever operated by the Royal Navy”.
The investment would also support ‘thousands’ of British jobs, he said.
BAE, Britain’s largest defense company, has developed nuclear-powered attack submarines known as SSN-AUKUS.
Babcock also signed a five-year contract with the MOD yesterday to provide input into the design.
Funding boost: Defense Secretary Grant Shapps said the money would ‘promote the development of the most powerful attack submarines ever operated by the Royal Navy’
BAE’s cash injection will cover development work until 2028.
Australia and Britain will eventually operate the submarines, as announced in March.
The first ships will be delivered at the end of 2030.
Charles Woodburn, CEO of BAE Systems, said: ‘This funding strengthens the Government’s support for our UK submarine business and allows us to mature the design and invest in crucial skills and infrastructure.’