Sureena Brackenridge
Main Page: Sureena Brackenridge (Labour - Wolverhampton North East)Department Debates - View all Sureena Brackenridge's debates with the HM Treasury
Defence Sector Financing
Sureena Brackenridge Excerpts(1 day, 14 hours ago)
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Mr Charters
There could be nothing more ethical than investing in the companies that support our Ukrainian friends.
I believe Britain’s membership of a multilateral defence development bank could cement Britain as a leader not only in financial services, but in defence. Today, I will also talk about how we can bolster our sovereign defence industries by fixing the capital stack here at home and by sorting out the credit and cash-flow issues for British companies.
I will just take a couple of steps back. When I was at the Bank of England and the Financial Conduct Authority, I was working on cross-border payments, sanctions and so many related things, but more importantly, I had a front-row seat to the regulatory and financial barriers that defence start-ups faced when I was acting head of compliance at a fintech. I saw how everything from export controls and dual-use rules to complex international regimes made it really difficult for those defence customers.
A few months ago, the Prime Minister pledged the largest defence spending rise since the cold war. That sent a clear signal that now is the time to invest in peace. Yet British defence innovators have told me they still face hurdles accessing finance, bank accounts and insurance. That is why my hon. Friend the Member for Aldershot (Alex Baker) and I brought together over 100 Labour parliamentarians to write to the sector, highlighting some of those challenges. Following that, we wrote to the FCA, which helpfully published a statement that, as we have heard from firms, has eased environmental, social and governance perception concerns.
Mrs Sureena Brackenridge (Wolverhampton North East) (Lab)
At this pivotal moment for national security, I welcome my hon. Friend’s call to clarify ESG rules to better back defence investment. Collins Aerospace in my constituency works really hard to create highly skilled jobs and apprenticeships. Does my hon. Friend agree that financial institutions play a vital role in supporting the defence sector, so we can further boost UK jobs in our economy?
Mr Charters
If we can get the financing environment right for Collins Aerospace, perhaps it can grow at more pace and deliver more high-skilled jobs in my hon. Friend’s constituency, for which I know she is such a powerful advocate. My hon. Friend the Member for Aldershot and I hosted a summit at the Guildhall last month, and we were kindly joined by the Minister for Defence Procurement and Industry, my right hon. Friend the Member for Liverpool Garston (Maria Eagle). Also joining us were defence primes, small and medium-sized enterprises, major banks and other stakeholders.