AFB Virtual Seminar: The Impact of Increased Defence Spending on Economic Growth

AFB, in partnership with RAND Europe, invites members to attend a virtual seminar on the evolution of defence spending in the UK, its impact on the economy, and the prospects for growth.

The session will provide a brief review of the post-Cold War era, when defence budgets fell sharply and reshaped the defence industry. It will then cover the period since 2022, focusing on the impact of the war in Ukraine and the rapid increase in budgets across many countries, as well as considering challenges such as limited industrial capacity, ageing systems, and questions about efficiency.

The virtual seminar will then address a key question: does higher defence spending contribute to economic growth, or is it simply a cost?

Why attend?

The presentation will consider different perspectives, from the potential for defence investment to drive innovation and employment, to concerns about sustainability and trade-offs with other priorities. The session will also consider whether targeting 5% of GDP for defence is realistic or desirable in today’s global environment. There will be an opportunity to ask questions.

Who should attend?

This session is aimed primarily at Business teams of AFB member banks but may also be of interest to other AFB member representatives.

Speaker

Nicolas Jouan, Defence and Security Senior Analyst, RAND Europe

Nicolas Jouan is a defence and security analyst at RAND. Working primarily with RAND Europe, his research interests relate to defence spending, acquisition policy, European defence, and regional geopolitics. He has contributed to policy research projects for high-profile clients, including the UK Ministry of Defence, the European Commission, the Australian Department of Defence, the U.S. Department of Defense, and the U.S. Commission on Planning, Programming, Budgeting, and Execution Reform.

Prior to joining RAND, Nicolas worked for market research firms Euromonitor and GlobalData in London, where he specialised in the global defence industry. He also interned at the IHEDN in Paris and at the French Defence Mission in Hanoi, Vietnam. He holds an M.Litt. in International Relations from the University of St. Andrews and an M.Res. in Modern History from the University of Paris IV Sorbonne.

Logistics

Fee: Included in AFB membership

Format: Online on Zoom

Date: Thursday, 2 October 2025

Time: 09:00 – 10:15

If you would like to submit a question for the session, please send it to the AFB at
secretariat@foreignbanks.org.uk.
You will receive details on how to join this session a week before the event.