BAE boss warns UK defence spending "well short" of required level
Defence spending in the UK "falls well short" of what is required, the chief executive of BAE Systems PLC has warned.
Charles Woodburn described the current climate as "the most threatening time I've seen" and warned of the advances made by Russia before and during the war with Ukraine.
The government announced plans to increase defence spending by an additional £15 billion in June but then defence secretary John Healey resigned because of inadequate military funding.
However, Woodburn told the BBC the extra funding still "falls well short of what is needed to protect the country".
"This is by far the most threatening time I've seen," he said. "Even when I joined the company in 2016 I was amazed at what we saw Russian submarines doing, the cyber attacks.
"I think that's come a long way sadly as a result of the Ukraine conflict we're much more aware of the proximity of a hot war in Europe."
He said modern warfare had "changed quite profoundly" and described Russia and Ukraine as becoming "incredibly adept" at the use of drones and counter drones.
"It's something that we now have to really understand and make sure that we're able to provide the capabilities that can counter that and deter aggression," he said.
Shares in BAE Systems are up 2.4% this week, with other defence companies also seeing a rise following the appointment of Healey as chancellor on Monday with expectations he will commit to further defence spending.
"The fact that he understands the requirements of defence we see as a very positive thing", Woodburn said.
BAE Systems announced this week the Ministry of Defence has given it a contract extension worth £708 million to continue developing a next generation combat aircraft.
New Defence Secretary Wes Streeting said: "This investment in advanced combat air technology for the UK Armed Forces will strengthen our defence and deterrence, and shows our clear commitment to backing British workers with our defence investment, creating jobs and supporting communities across the UK."
By Rob Freeman, Press Association
source: PA
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