Sector - Defence
Defence Secretary announces £642M investment for Successor submarine programme
Michael Fallon has today announced £642M of investment for the Successor submarine programme.
Following last month’s announcement of a £201M boost for the next generation of submarines, Defence Secretary Michael Fallon has today announced £642M of investment for the Successor submarine programme.
The funding will go towards progression of the four new submarines, including new parts, facilities and further design work, which will then begin replacing the Vanguard class, from the 2030’s.
The submarines will be assembled at BAE Systems at Barrow-in-Furness, with an investment of £225M for new facilities to ensure the submarines are built with maximum efficiency.
The funding will also see significant investment in the UK/US collaboration for the Common Missile Compartment and around £200M for the submarine’s power plant, including long lead items. This confirms the announcement made in last year’s Strategic Defence and Security Review, providing a sound foundation for the next phases.
Defence Secretary Michael Fallon said: “Our nuclear deterrent provides the ultimate guarantee of our security and our way of life. That’s why we are getting on with this investment.
“This money will support further design work, new infrastructure and the purchase of key parts such as engines and gearboxes, as well as jobs across the UK.”
This investment of £642M will take the total cost of the Assessment phase to £3.9Bn.
Within the next four years, all of the UK’s submarines will be based in Scotland, creating 1,400 new jobs and taking the total number of employed at HM Naval Base Clyde to 8,200 by 2022.
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