Listen to our latest Investing Matters Podcast episode 'Uncovering opportunities with investment trusts' with The AIC's Richard Stone here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Subject: Defence industrial policy: procurement and prosperity
https://parliamentlive.tv/Event/Index/c3d5ec18-0de6-4570-8fbb-7c5724607b09
Edit: They may discuss shipping
The hearing does not start until 2.30 and the witnesses that relate to shipping are in the second group so probably will be on from about 3.30.
There are 11 members on the Defence Committee. One of these is politician Gavin Robinson (DUP). It was Mr Robinson who raised the question last week to Boris in PM's questions about Harland and Wolff and the position they're in with Belfast and Appledore yards to assist the country going forward.
The relevance of this post is that Mr Robinson's constituency is East Belfast where H & W is based and he has consistently beat the drum promoting H & W over the years. He's a very articulate speaker (barrister by profession) and in my opinion a very good representative to fight for the naval defence contracts to stay in the UK.
He was very verbal and supportive to the H & W workers when the yard was in administration prior to INFA taking them over in November 2019 and is very well respected in East Belfast and H & W for this reason. (I'm talking from local knowledge having been born and brought up less than 10 miles from the Yard and having family still living in the East).
In my opinion he will be very much promoting UK jobs for UK naval contracts and doing absolutely everything he can to ensure H & W is involved. In summary, a good individual to have his voice heard on the Defence Committee.
Cheers Chrisatrdg for posting the link for the Defence Committee meeting on Parliamentlive. I'm fascinated to hear what goes on at these meetings. Appledore and UK shipbuilding being discussed at the mo.
Thanks all for posting about the select committee. I'm listening via Parliament Live.. I failed to get proper contexts for the discussions however I also picked up on h&w being name dropped. Its fantastic we are being name dropped. Anyway onto the FSS now...so il shut up haha
Having listened to a good chunk of the second part what is interesting is I think people (certainly one of the union reps) struggle to understand the link infa has with navantia (the consortium) that will bid for the FSS work. On the one hand they are advocating build British and name drop h&w but on the other say it shouldn't go to a Spanish firm. This links also to the newspaper article which was posted by someone recently where the fear was it going to the Spanish, rather than building British. So, the key for infa is to convince people that the consortium will mean we are building British, rather than giving the contract to navantia
See today's Daily Telegraph
No! ??
I've looked online and can't see anything... Give us a clue lol
It would be “economically and industrially illiterate” for a £1.5bn contract to build new supply ships for the Royal Navy to be sent abroad, MPs have heard.
A Defence Select Committee hearing on industrial and procurement policy for military equipment was warned a deal to build up to three Fleet Solid Support (FSS) ships must be awarded to British shipyards to guarantee the country’s ability to produce vessels.
Garry Graham, deputy general secretary of union Prospect, said the FSS contract was “totemic” in showing how the UK fails to deliver what he called a “coherent” strategy when it comes of supporting British industry.
“I can’t imagine other nations sending a contract like the FSS abroad, it is economically and industrially illiterate,” he said. “During the Covid crisis around our European competitors we see them bringing contracts forward to be fulfilled in their domestic markets and that to be a driver for economic change in their own economies.”
The contract to build the 40,000-tonne FSS ships - which help keep the Navy at sea by supplying them with ammunition and food - was halted last year because bidders could not meet the budget.
Last month, The Telegraph revealed how foreign companies were invited to take part in “market engagement” about the deal as the Ministry of Defence tries to get it under way again.
Unions have been battling to make sure the vessels are built in UK shipyards. They argue it would create 1,800 jobs directly and is the only major naval construction project in the pipeline.
However, the Government has previously argued that under EU procurement rules the contract has to be tendered internationally. As the FSS ships are not classified as warships, as they are part of the Royal Fleet Auxiliary.
Ross Murdoch, the GMB union’s national shipbuilding officer, said: “There is speculation about other projects but in reality the FSS is the only game in town.”
The Government-commissioned report on a national shipbuilding strategy from industry veteran Sir John Parker three years ago warned that without a “steady drumbeat of work” for UK yards, they faced a boom and bust cycle that would require expensive scaling up and down.
Mr Murdoch also called on Boris Johnson to deliver on his promises to support the sector. Last year the Prime Minister pledged to “bring shipbuilding home” and last month said the reopening of the Appledore yard, which had been closed for 18 months, would “drive forward our ambitions to become a shipbuilding superpower”.
The union chief added: “We need to see the rhetoric turned into reality.”