BAE Systems bags £1.2bn UK contract
Submarine contract safeguards 3,000 jobs in Cumbria
By CFOWorld.co.uk staff | CFO UK | Published 11:55, 10 December 12
Defence and aerospace contractor BAE Systems has bagged a £1.2 billion contract from the UK Ministry of Defence (MoD), it was announced on Monday.
In a statement the MoD said that BAE Systems will design and manufacture HMS Audacious, a nuclear-powered submarine, for the Royal Navy. It is the fourth of seven nuclear-powered submarines.
The MoD also said that an additional £1.5 billion has been assigned to the remaining three submarines in the class. Defence secretary Philip Hammond added that the move will safeguard 3,000 jobs in Cumbria in the north of the country.
"Our ability to commit an additional £1.5 billion for boats five, six and seven underlines the benefits of a balanced budget and fully funded equipment programme that gives our Armed Forces greater certainty," he said.
While the spending reduction rate would be raised to 2 percent from 2014, Osborne said strategic departments such as the MoD would be given greater flexibility to spread and manage the imposition of reduced spending.
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