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    Home > Headlines > UK sets up innovation hub to boost defence sector and growth
    Headlines

    UK sets up innovation hub to boost defence sector and growth

    Published by Global Banking & Finance Review®

    Posted on February 28, 2025

    1 min read

    Last updated: January 25, 2026

    UK sets up innovation hub to boost defence sector and growth - Headlines news and analysis from Global Banking & Finance Review
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    Tags:innovationGDPjob creationeconomic growth

    Quick Summary

    The UK is launching an innovation hub to boost the defence sector, aiming to enhance military technologies and economic growth, with increased defence spending planned.

    UK sets up innovation hub to boost defence sector and growth

    LONDON (Reuters) - Britain said on Friday it would launch an innovation hub that will work with defence firms to speed up the delivery of military technologies, in an effort to reform the sector and boost growth.

    The move comes days after Prime Minister Keir Starmer announced an increase in defence spending to 2.5% of GDP by 2027, and a target of 3% for the next parliament due to start in 2029.

    "In the world we face, national security and economic growth are going to go hand in hand," finance minister Rachel Reeves said. "High-skilled, well-paid jobs across the UK will both make our country safer and put pounds in people’s pockets."

    Britain's Labour government, elected last July on a promise to drive economic growth, views the defence industry as a driver of skilled jobs.

    The new unit will be officially launched alongside Reeves' economic update on March 26 and is expected to support thousands of jobs, the government said.

    (Reporting by Suban Abdulla)

    Key Takeaways

    • •UK to launch an innovation hub for defence sector growth.
    • •Hub aims to speed up military technology delivery.
    • •Part of a broader strategy to increase defence spending.
    • •Labour government focuses on high-skilled job creation.
    • •Economic growth and national security are interconnected.

    Frequently Asked Questions about UK sets up innovation hub to boost defence sector and growth

    1What is the purpose of the UK's new innovation hub?

    The innovation hub aims to work with defence firms to accelerate the delivery of military technologies and reform the defence sector.

    2What recent announcement did Prime Minister Keir Starmer make?

    Prime Minister Keir Starmer announced an increase in defence spending to 2.5% of GDP by 2027, with a target of 3% for the next parliament starting in 2029.

    3How does the Labour government view the defence industry?

    The Labour government sees the defence industry as a key driver of skilled jobs and economic growth in the UK.

    4When will the new unit be officially launched?

    The new unit will be officially launched alongside Finance Minister Rachel Reeves' economic update on March 26.

    5What impact is the government expecting from the new innovation hub?

    The government expects the innovation hub to support thousands of jobs across the UK.

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