The defence industry: same as it ever was?
Team Tempest at DSEI. The defence industry continues to implement platform-centric programmes, but these are increasingly fused with autonomy, data and AI. (Photo: Clarion)
Earlier this year at DSEI, Shephard sat down with defence industry observers for an overview of the last twenty years in the defence industry.
As COVID-19 spread in 2020 and national lockdowns bludgeoned the global economy, many feared the worst for state finances. Jittery economists expected treasuries to react in a manner similar to the financial meltdown of 2008-2009, by slashing government budgets and implementing a raft of austerity measures.
Quite the opposite transpired. As zealous central banks hoovered up bonds and flooded markets with liquidity, governments loosened their spending taps. While cuts fell hard on defence budgets from 2009 to 2014, they gingerly benefited from government windfalls this time around.
Such is the largesse that even traditional laggards like Germany have committed to
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