Defence: Financial Services
The question
To ask the Secretary of State for Business and Trade, if he will take steps to (a) encourage (i) banks and (ii) investors to provide financial (A) services and (B) investment to defence firms and (b) monitor the effectiveness of such steps.
Answered by Gareth Thomas
The Secretary of State for Business and Trade met representatives of the defence and financial services industries on 12 December 2024, to discuss how environmental, social and governance (ESG) principles are being applied to companies in defence and the impact they are having on investment and access to financial services. The discussion highlighted that there are multiple stakeholders and issues within the sectors and within government. The Department is now following up on that discussion across government and wider to find the best way to address them, to ensure that ESG policies do not have unintended consequences for the health of the defence sector.
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