{"id":65582,"date":"2024-06-04T14:19:08","date_gmt":"2024-06-04T14:19:08","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/06\/04\/war-will-drive-a-decade-of-arms-restocking-says-chemring\/"},"modified":"2024-06-04T14:19:08","modified_gmt":"2024-06-04T14:19:08","slug":"war-will-drive-a-decade-of-arms-restocking-says-chemring","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/06\/04\/war-will-drive-a-decade-of-arms-restocking-says-chemring\/","title":{"rendered":"War will drive a decade of arms restocking, says Chemring"},"content":{"rendered":"
\"War<\/div>


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Rising global conflict means countries will spend the next 10 years restocking arms, the boss of one of the UK\u2019s largest weapons manufacturers has said.<\/p>\n

Chemring, which describes itself as a key supplier to Nato, said countries are reacting to the wars in Gaza and Ukraine as well as \u201can increasingly assertive China\u201d.<\/p>\n

The firm wants sales, which are already hovering around record levels, to quadruple to nearly \u00a31bn by 2030.<\/p>\n

\u201cThe increase in geo-political tensions around the world is driving a fundamental rearmament upcycle which is expected to last for at least the next decade,\u201d said Chemring chief executive Michael Ord.<\/p>\n

The company builds aerospace, defence and security technology for nations all over the world. It also develops parts for space travel and \u201celectronic warfare\u201d products.<\/p>\n

The firm made its forecast as it reported results for the six months to 30 April which showed that sales jumped by 8% to \u00a3223.4m. <\/p>\n

However, pre-tax profits sank by nearly a third to \u00a315.2m, which the company said was because of bad weather at one of its sites in Tennessee as well as costs related to its pension scheme.<\/p>\n

Commenting on the current environment, Chemring said that European allies \u2014 both Nato and non-Nato members \u2014 are increasing defence spending to replenish their own stocks after providing assistance to Ukraine, which is entering the third year of war with Russia.<\/p>\n

It also pointed to a recent announcement by Prime Minister Rishi Sunak to increase defence spending to 2.5% of gross domestic product (GDP) by the end of the decade.<\/p>\n

Labour leader Sir Keir Starmer has also committed to lifting spending to 2.5% of GDP if the party wins the general election, without setting a deadline.<\/p>\n

According to the latest government figures, total UK defence exports surged 70% to \u00a311.2bn from 2021 to 2022 \u201cprimarily to new contracts to the Middle East and Europe\u201d.<\/p>\n

Some political parties and campaigners have raised concerns about the role of UK defence companies in overseas conflicts.<\/p>\n

The SNP, the Liberal Democrats and protest groups are calling on the UK to stop selling arms to Israel. <\/p>\n

Lord Cameron, the Foreign Secretary, said last month a ban would only strengthen Hamas, adding the UK supplies just 1% of Israel’s weapons. <\/p>\n

Ministers have said that all applications for a licence to export military equipment and related items are assessed against a set of criteria, including the \u201crisk that the items might be used to commit or facilitate internal repression\u201d.<\/p>\n<\/div>\n


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Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Rising global conflict means countries will spend the next 10 years restocking arms, the boss of one of the UK\u2019s largest weapons manufacturers has said. Chemring, which describes itself as a key supplier to Nato, said countries are reacting to the wars in Gaza and Ukraine as well as \u201can increasingly assertive China\u201d. The firm […]<\/p>\n","protected":false},"author":2,"featured_media":65583,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","fifu_image_url":"https:\/\/ichef.bbci.co.uk\/news\/1024\/branded_news\/a159\/live\/f319d520-2271-11ef-a1f2-47207c8bf210.jpg","fifu_image_alt":"","footnotes":""},"categories":[604],"tags":[13848,62344,7657,4199,62343,3102],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/65582"}],"collection":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/comments?post=65582"}],"version-history":[{"count":1,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/65582\/revisions"}],"predecessor-version":[{"id":65584,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/65582\/revisions\/65584"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media\/65583"}],"wp:attachment":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media?parent=65582"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/categories?post=65582"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/tags?post=65582"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}