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Lord Livermore (Lab)

Speaking in the House of Lords on 25 March 2025

Debate

Strategic Priorities Statement: Defence

Contribution

I am grateful to the noble Lord for his question, but I am not sure he listened to the first Answer I gave. I very clearly said that the statement of strategic priorities sets out how the National Wealth Fund will invest in defence. It says very clearly that it should invest in “dual-use technologies and … support supply chain resilience across these priority sectors, to better support the UK’s defence and security”. It also says that the National Wealth Fund “should consider the role it can play in supporting the delivery of the wider Industrial Strategy, including in defence”. That wider industrial strategy absolutely achieves many of the things the noble Lord is talking about. The strategic aim of the defence industrial strategy is to make sure that the imperatives of national security and a high-growth economy are fully aligned.

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