Major venture capitalists from across Europe can help unlock billions of pounds of private investment into UK technology and defence firms, as part of a “new partnership” between defence and private investors, the Defence Secretary has said.
In a first-of-its-kind meeting between venture capital firms and a UK Defence Secretary, John Healey MP spoke at a breakfast roundtable at Plural’s offices in central London. The meeting was convened by Plural co-founder Khaled Helioui, and Grace Cassy of Ten Eleven Ventures who has supported the development of the Strategic Defence Review as part of the Defence Review Team.
In a changing world, with increasing threats and war in Europe, the group discussed how to incentivise greater private investment into defence and deep technology, to help deter Britain’s adversaries, secure the UK economy, protect the incomes of hard-working families up and down the country and support European security.
The Defence Secretary set out how the Government’s largest sustained increase in defence spending since the Cold War – with 2.5% of GDP spend by April 2027 and a commitment to hit 3% in the next Parliament – coupled with defence reforms, can unlock private sector investment into high-growth British firms – boosting jobs and delivering on the Government’s Plan for Change by making defence an engine for growth across the UK.
Defence Secretary, John Healey MP said:
“In this new era of rising threats, national security isn’t just a military imperative. It’s the foundation for economic growth, securing Britain’s future and our Government’s Plan for Change. As Defence Secretary, I am determined to bring together investors, innovators and industry in a new partnership that drives British jobs and growth.
“We want to mobilise private investors to take a fresh look at defence, alongside the certainty of our Government’s record long-term uplift in defence spending. With countries across Europe facing new threats stepping up to take more responsibility for our continent’s defence is an ethical investment, and it’s good to see increasing numbers of private investors recognising that. There is no more important investment than in our European security.”
