Thread by @KhemRogaly

This is not how military spending works. I’ll explain below.

In 2023/24, the Ministry of Defence spent £37.6 billion on equipment – nearly 40% of this went to just 10 companies.

https://twitter.com/Keir_Starmer/status/1896504268984897923

44% of these equipment contracts were non-competitive; 15% of the equipment budget went to BAE Systems alone. BAE’s shares surged this morning as investors bet on more contracts.

ft.com/content/bbe9ec…

BAE is not a mom-and-pop munitions factory. It is a private company that functions from public contracts and public money. BAE’s record orders and rising profits in 2024 were the result of government spending and will flow to asset manager shareholders.

common-wealth.org/publications/t…

In 2021/22, MOD spending supported 130,000 private sector jobs – c.0.6% of the full time workforce. 5% of spending went to SMEs. Regardless of a marginal shift in contracts to smaller companies, more military spending will not grow the economy as a whole or provide better work.

Since 1980, military spending has increased in real terms while more than half of jobs in the UK’s military industry have been lost. More contracts is not a secure route to more jobs.

common-wealth.org/publications/a…

If increasing military spending to 3% of GDP comes at the expense of other areas of public investment, the economic effects will be disastrous. Why sacrifice the health of our economy and society for BAE and its shareholders?

The UK has the world's 6th largest military budget, with deployments across the world in support of the US. New priorities are needed, not more arms contracts. Security will come from a strong economy, energy independence and abandoning the pursuit of global military power.