The latest Investing Matters Podcast episode with London Stock Exchange Group's Chris Mayo has just been released. Listen here

Less Ads, More Data, More Tools Register for FREE

Pin to quick picks-1x Boeing Share News (BAES)

Share Price Information for -1x Boeing (BAES)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 4.352
Bid: 4.466
Ask: 4.4895
Change: -0.112 (-2.51%)
Spread: 0.0235 (0.526%)
Open: 4.352
High: 4.352
Low: 4.352
Prev. Close: 4.464
BAES Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

UPDATE 3-British lawmakers back renewal of Trident nuclear deterrent

Mon, 18th Jul 2016 21:36

* UK needs to replace subs carrying nuclear weapons by 2030s

* Opposition Labour leader and some lawmakers oppose renewal

* Ministry of Defence estimates replacement cost at 31 blnpounds (Updates after vote)

By Michael Holden and Kylie MacLellan

LONDON, July 18 (Reuters) - Lawmakers voted strongly onMonday to renew Britain's ageing nuclear weapons system, amultibillion-pound project regarded as key to maintaining thecountry's status as a world power following its vote to leavethe European Union.

Despite opposition from the pro-independence ScottishNational Party (SNP) and some in the opposition Labour Party,parliament approved the renewal of the Scottish-basednuclear-armed Trident submarines by 472 to 117 votes.

Some opponents said the vote was being used by new PrimeMinister Theresa May to unify her party, which has aparliamentary majority of 16, after a bruising Brexit campaign,and embarrass Labour by highlighting its own deep divisions.

In her first statement in parliament as prime minister, Mayurged lawmakers to back Trident, not only to protect Britainfrom growing threats from Russia and North Korea, but also toprotect thousands of jobs in Scotland and elsewhere.

"What this country needs to do is to recognise that it facesa variety of threats and to ensure we have the capabilities thatare necessary and appropriate to deal with each of thosethreats," she said ahead of the vote.

Britain needed to retain a nuclear deterrent which had beenan insurance policy for nearly 50 years, May said.

"We cannot outsource the grave responsibility we shoulderfor keeping our people safe ... That would be a reckless gamble:a gamble that would enfeeble our allies and embolden ourenemies; a gamble with the safety and security of families inBritain that we must never be prepared to take."

Parliament agreed in principle in 2007 to replace thedeterrent system and Monday's vote was to rubber stamp thedecision to approve the building of four submarines to ensureBritain can have nuclear weapons continuously on patrol at sea.

UK'S "OUTSIZED" ROLE

U.S. Defence Secretary Ash Carter said in February Britainmust renew the submarines, based at Faslane, if it wanted tomaintain its "outsized" role in world affairs.

During more than five hours of debate in parliament, manyargued that failing to renew the system would mark Britainretreating from the world.

However, Scottish nationalists and some in Labour believethe weapons are no longer needed as they are little use againstterrorists and the money could be better spent elsewhere.

Labour leader Jeremy Corbyn, who has been challenged by twocandidates seeking to take the helm of the centre-left party,questioned the need for Britain to possess "weapons of massdestruction" and said it should press for a nuclear-free world.

"I would not take a decision that kills millions of people,I do not believe the threat of mass murder is a legitimate wayto go about dealing with international relations," said Corbyn,who had indicated his lawmakers could vote freely on Trident.

Many Labour lawmakers criticised their leader's view, whichis in contrast with the party's official position on Trident.

SNP Westminster leader Angus Robertson said the renewal wasopposed by Scotland, where May's Conservatives hold just one ofthe 59 seats in the British parliament.

"It is obscene that the priority of this government ... isto spend billions of pounds on outdated nuclear weapons that wedo not want, do not need and could never use," he said duringthe debate.

"This government has a democratic deficit in Scotland andwith today's vote on Trident it is going to get worse notbetter."

SELF-HARM

Some military officials also oppose the outlay on Trident,saying the money would be better spent on maintaining the armyand on more conventional technology, both of which have recentlysuffered cutbacks.

The Ministry of Defence has said replacing the foursubmarines would cost 31 billion pounds ($41 billion), plus acontingency fund of 10 billion pounds, with another 4 billionalready allocated to the design process.

Defence firms BAE Systems, Rolls-Royce andBabcock can expect to benefit from a renewal, with thenew submarines expected to enter service from 2028.

However, in response to a freedom of information requestfrom Reuters in March, the ministry said it could not providedetails of the costs for the nuclear warheads, support servicesinfrastructure and running costs over the system's expectedlife.

Calculations by Reuters and Conservative lawmaker CrispinBlunt suggest it could reach 167 billion pounds ($220 billion)over 32 years.

Blunt, head of the parliament's foreign affairs committee,said on Monday the costs had increased and may eventually reach180 billion pounds.

"I oppose the renewal of Trident because I care about thesecurity of my country," he said in a statement. "I'm notprepared to be party to the most egregious act of self-harm toour conventional defence." ($1 = 0.7583 pounds) (Additional reporting by Elizabeth Piper and Sarah Young;Editing by Giles Elgood and James Dalgleish)

More News
8 Mar 2018 11:42

UPDATE 1-Dassault Aviation voices Brexit concerns as it posts higher profits

* Delays in UK/France drone project -Trappier * Dassault Aviation posts higher 2017 profits * Dividend up to 15.30 euros, 8 -

Read more
16 Feb 2017 17:16

UPDATE 4-Austria sues Airbus over alleged Eurofighter fraud

* Austria accuses Airbus of wilful deception, fraud * Relates to 2 bln euro order for Eurofighter jets * Airbus says denies accusations vigorously * Austria sees potential damages of up to 1.1 bln euros (Adds Airbus statement, details from press conference) By Kirsti Kno

Read more
16 Feb 2017 09:39

Austria sues Airbus, Eurofighter consortium over suspected fraud

VIENNA, Feb 16 (Reuters) - Austria filed a lawsuit on Thursday against Airbus and the Eurofighter consortium, alleging them of wilful deception and fraud linked to a 2 billion euro ($2.1 billion) order for Eurofighter jets in 2003, the defence ministry said. A recently completed ministry in

Read more
16 Feb 2017 05:38

Austria to sue Airbus over suspected Eurofighter fraud - APA

VIENNA, Feb 16 (Reuters) - Austria's defence ministry is set to file a lawsuit against Airbus accusing the group of wilful deception and fraud linked to a 2 billion euro ($2.1 billion) order of Eurofighter jets in 2003, APA news agency said on Thursday. A recently completed ministry investi

Read more
14 Feb 2017 17:20

Rolls-Royce weighs on FTSE 100 after five-day advance

* Rolls-Royce posts record reported loss * TUI jumps on improved results * Banks supported by hawkish Yellen comments (Adds closing prices, details) By Kit Rees LONDON, Feb 14 (Reuters) - Britain's top share index ended slightly lower on Tuesday, pausing after a five-day

Read more
14 Feb 2017 10:08

Rolls-Royce loss lies heavy on FTSE 100

(ADVISORY- Follow European and UK stock markets in real time on the Reuters Live Markets blog on Eikon, see cpurl://apps.cp./cms/?pageId=livemarkets) * Rolls-Royce posts record reported loss * TUI jumps on improved results By Kit Rees LONDON, Feb 14 (Reuters) - Britain's t

Read more
13 Feb 2017 17:04

UPDATE 1-Germany to buy six MKS-180 multi-role warships - ministry

(Adds details, cooperation with Norway) BERLIN, Feb 13 (Reuters) - German Defence Minister Ursula von der Leyen has decided to buy six MKS-180 multi-role warships instead of putting off a decision on two of those ships until 2030, her spokesman said on Monday. The ministry decided las

Read more
13 Feb 2017 15:20

Germany to buy six MKS multi-role warships - ministry

BERLIN, Feb 13 (Reuters) - Germany's Defence Ministry has decided to buy a total of six MKS-180 multi-role warships instead of four, as initially planned, a ministry spokesman said Monday, without providing a new cost estimate for the programme. The ministry decided last October to delay a

Read more
10 Feb 2017 18:54

UPDATE 1-BAE, Northrop, SAIC, others in $3.04 bln U.S. defense contract

(Adds Raytheon) WASHINGTON, Feb 9 (Reuters) - A group of companies including subsidiaries of BAE Systems, Northrop Grumman Corp , Science Applications International Corp, Teledyne Technologies Inc and KBR Inc will share in a $3.04 billion missile defense contract, the Pentagon said on Thurs

Read more
10 Feb 2017 17:51

German, Dutch militaries agree to deepen cooperation -source

By Andrea Shalal BERLIN, Feb 10 (Reuters) - The German and Dutch militaries have agreed to further deepen defence cooperation this year by putting a German short-range air defence unit under the command of the Dutch military, a source familiar with the plans told Reuters on Friday.

Read more
9 Feb 2017 22:47

BAE, Northrop, SAIC, others in $3.04 bln U.S. defense contract

WASHINGTON, Feb 9 (Reuters) - A group of companies including subsidiaries of BAE Systems, Northrop Grumman Corp , Science Applications International Corp, Teledyne Technologies Inc and KBR Inc will share in a $3.04 billion missile defense contract, the Pentagon said on Thursday. The order-d

Read more
8 Feb 2017 00:00

UPDATE 2-Airbus strategy chief Lahoud to leave European group

(Adds background) By Tim Hepher PARIS, Feb 7 (Reuters) - Airbus strategy chief Marwan Lahoud, one of the founders of Europe's largest aerospace group and its M&A czar for the past decade, is leaving the company at the end of February, Airbus said on Tuesday. His successor was no

Read more
3 Feb 2017 16:32

UPDATE 1-Lockheed to announce $8.5 billion F-35 order on Friday-sources

(Adds background, graphic) By Mike Stone WASHINGTON, Feb 3 (Reuters) - The U.S. Department of Defense and Lockheed Martin Corp are set to announce a deal worth about $8.5 billion for 90 F-35 jets on Friday, people familiar with the talks said. The deal for the tenth batch of the

Read more
28 Jan 2017 14:30

Britain, Turkey sign defence deal to develop Turkish fighter jet

ANKARA, Jan 28 (Reuters) - Britain and Turkey signed a defence deal worth more than 100 million pounds ($125 million) on Saturday to develop Turkish fighter jets, opening the way to deeper cooperation over the lifetime of the project. In Ankara to strengthen ties with Turkey as she navigate

Read more
24 Jan 2017 13:00

REFILE-EXCLUSIVE-Germany nears decision to beef up short-range air defences - sources

(Fixes dateline to Jan 24. No changes to text) * Defence systems gap has caused concern among NATO members * Procurement programme 460 million euros - source * Germany under pressure from Trump to up military spending By Andrea Shalal BERLIN, Jan 24 (Reuters) - Germa

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.