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(VIDEO) Bermudian university students seek to make island academic research hub

The Bermuda Journal of Academic Research launching its Call for Submissions today

Could Bermuda go head to head with Cambridge, Massachusetts and Oxford, UK in terms of research output? Two Bermudian university students envision Bermuda as a future hub for cutting-edge data and information gathering.

Ywione Darrell, Co-Editor of the Bermuda Journal of Academic Research, says that the aim is to establish “a dynamic and inclusive platform that empowers scholars and amplifies their voices.”

Speaking with Bermuda Broadcasting, Ywione and Co-Editor Kyaida Lanthier are seeking submissions for the journal from today—focusing on both Bermuda and international topics. You can find more information by visiting the journal’s website or emailing researchjournalbda@gmail.com

Butterfield Finishes Inside Top 100 in Unbound Gravel 200

Gravel Cycling

New Zealander Cameron Jones (Scott-Shimano) conquered the punishing Unbound Gravel 200 in Kansas, breaking away in the final miles after over eight hours in the saddle. Jones crossed the line in 8 hours, 37 minutes, and 9 seconds, leaving Simon Pellaud (Tudor Pro Cycling) 42 seconds behind in second place. 

Bermuda’s Olympian Tyler Butterfield also took on this immense challenge, completing the 202.5-mile course in a commendable time of 10 hours and 23 minutes. Butterfield finished 92nd overall and 63rd in the Men’s Elite Pro Division. Remarkably, this feat comes just a week after he competed in the Sinclair Packwood Memorial Race in Bermuda. His average pace of 19.5 miles per hour over such a distance highlights his impressive resilience and endurance.

Terceira Completes Double Clear Triumph at Peelbergen

Equestrian

Bermudian showjumper Jillian Terceira enjoyed a day to remember at a Peelbergen Training Event, achieving a truly remarkable feat in the Training Clear Round 1.10 – 1.20 Meter Class. 

In a competitive field of 51 riders, Terceira demonstrated exceptional skill and consistency across her two rides. Piloting her first horse, Tora, she navigated the course flawlessly, achieving a Double Clear Round in a swift 76.88 seconds, securing a share of the top spot. 

 But Terceira wasn’t finished there. She then repeated her faultless performance on her second horse, also achieving a Double Clear Round, this time in 88.35 seconds. This incredible achievement meant she secured a joint first-place finish with both of her entries. 

To achieve two clear rounds and joint victory on two different horses in such a competitive class is a testament to Jillian Terceira’s talent, her horsemanship, and the evident quality of her equine partners. A truly memorable day in the saddle for the Bermudian rider. 

(VIDEO) New parking fines in the City of Hamilton

Move comes after individuals reported as utilising disabled spaces without authorisation

City of Hamilton CEO Dwayne Caines stated: “Creating a city that is accessible for all means holding the line on fairness. These parking bays are not optional guidelines—they are legal designations that exist to protect the rights and dignity of individuals with disabilities. We are especially concerned about reports of people misusing temporary permits or using someone else’s badge while the permit holder is not present. That is abuse, and it deprives those who genuinely need these spots. Our enforcement teams have been directed to take a stricter approach to violations going forward.”

Captive Conference to ‘reimagine risk’

Global leaders from the captive insurance sector will convene for the event from June 9-11 at the Hamilton Princess

Image supplied

The Bermuda Captive Conference Events Team issued the below media release.

With just one week to go until the 2025 Bermuda Captive Conference, anticipation is building for what promises to be one of the industry’s most dynamic gatherings in recent years, as the conference returns to its summer programming window. Taking place across June 9–11, 2025, at the Hamilton Princess Hotel & Beach Club, this year’s conference will convene global leaders from across the captive insurance sector under the theme Re-Imagining Risk: The Next Frontier.

As a jurisdictional leader in captive insurance, Bermuda continues to pioneer innovative risk management solutions, pushing the boundaries of what’s possible. Bermuda’s robust regulatory framework, deep expertise, and forward-thinking strategies are shaping the next frontier of risk, reinforcing its unique position at the forefront of the captive insurance industry.

“Reimagining Risk reflects the mindset shift we’re seeing across the entire risk landscape,” says Seádna Kirwan, Conference Chair. “From climate volatility to cyber vulnerabilities, captives are being leveraged in more agile and strategic ways than ever before. This year’s agenda is forward-looking but grounded in real-world solutions that our industry is implementing today.”

Spanning three days, the 2025 programme features more than 65 expert speakers across 15 sessions, covering geopolitical shifts, climate resilience, portfolio optimisation, regulatory changes, and more. Seasoned captive owners as well as those exploring alternative risk for the first time, will find that this year’s sessions deliver critical insight into the issues shaping today’s and tomorrow’s insurance environment.

Technology is transforming insurance at every level and captives are well positioned to be at the forefront. AI is already improving underwriting, claims triage, and risk analytics, which directly enhances the value proposition of a captive. Parametric solutions are also becoming more accessible and precise, especially in underinsured areas like climate or business interruption where traditional triggers fall short. At this year’s conference, speakers will dig into how these tools are not just efficiencies, but enablers. They allow captives to respond to protection gaps that commercial markets either can’t or won’t cover, and they create new ways to structure, measure, and price risk. Attendees will hear from innovators who are implementing these technologies right now, bringing real case studies to the conversation.

Bermuda’s regulatory environment remains one of the jurisdiction’s greatest strengths: adaptive, transparent, and built with the nuances of the captive model in mind. From recent refinements around solvency requirements and economic substance to the evolution of digital compliance, the conference will provide critical updates and expert commentary from regulators, legal professionals, and international market participants. “We’re taking a global view,” says Kirwan. “It’s about understanding how jurisdictions are adapting and how Bermuda continues to lead with clarity and credibility in this space.”

Returning to its June schedule has also enabled the conference to reconnect with the rhythm of the Bermuda calendar and global travel cycle. For 2025, the agenda has expanded back to three days, with Monday afternoon sessions reintroduced and a closed-door Captive Owners Lunch added to provide a private, peer-to-peer forum for meaningful exchange. The networking framework has also been significantly enhanced, with longer breakfasts, extended lunch sessions, and 45-minute breaks between panels, all designed to foster deeper conversations and relationship-building throughout the event. After hours, the social calendar remains a hallmark of the conference experience. From the opening night cocktails, sponsored by PwC Bermuda, to the highly anticipated Beach Bash – hosted once again at the private Sinky Bay beach and sponsored by Aon, attendees can expect Bermuda’s signature hospitality and relaxed charm as the perfect close to three impactful days of dialogue, collaboration, and insight.

This year also marks the launch of a new internship programme, developed in partnership with KPMG in Bermuda and the Bermuda Captive Network. The initiative will be formally announced during the conference and is designed to nurture local talent and create meaningful pathways into the island’s thriving captive insurance sector. “This is about investing in Bermuda’s future,” says Kirwan. “It’s a tangible commitment to developing the next generation of professionals who will drive this industry forward.”

Now in its third decade, the Bermuda Captive Conference continues to evolve while staying true to its founding purpose: to be a space where knowledge flows, partnerships are formed, and Bermuda’s captive community remains connected to the pulse of global innovation. For those yet to register, there is still time to do so at www.bermudacaptiveconference.com. Members of the Bermuda Captive Network receive a 10% discount on all registration products.

Whether you’re a captive owner, risk professional, service provider, or new to the industry, #BCC25 offers an unmatched opportunity to engage with cutting-edge thinking, global perspectives, and the collaborative spirit that continues to make Bermuda the world’s leading jurisdiction for captives.

Thanks to our event sponsors, who without their support, this event would not be possible: (Platinum) Aon, (Gold) PwC Bermuda, Morgan Stanley, KPMG in Bermuda, Barclays, Strategic Risk Solutions, Butterfield, AM Best, Conyers, (Silver) AIG, Appleby, Artex, Bermuda Business Development Agency, Bermuda Monetary Authority (BMA), Carey Olsen, Davies, Deloitte, Deutsche Bank, Forvis Mazars, HSBC Bank Bermuda Limited, Janus Henderson Investors, Liberty Mutual Management (Bermuda) Ltd, Marsh, Ocorian, Truist Bank, Wilmington Trust, Xitus Insurance Holdings Limited, Yousif Capital Management, Milliman, cio investment club, (bronze) Brown & Brown, Pinnacle Actuarial Resources, WTW, ASW Law, Comerica Bank, CT Insurance Management (Bermuda) Ltd., EY, W1M, Sage Advisory, TouchstoneFMS, Grant Thornton Bermuda, Oppenheimer & Co. Inc. and Performa.

UK mortgage approvals drop to lowest in over a year after tax break ends

Net mortgage lending fell by 759 million pounds ($1.03 billion) in April

FILE PHOTO: People enjoy the sunny weather in Greenwich Park, with Canary Wharf financial district in the background, in London, Britain, August 7, 2020. REUTERS/John Sibley/ File Photo

International news via Reuters:

The number of mortgages approved by British lenders for house purchase fell more than expected in April to their lowest in over a year as the market adjusted to higher purchase taxes.

Earlier government data showed that British house purchases surged in March to take advantage of the final month of an exemption from stamp duty land tax for many buyers, before slumping in April when the tax reverted to its normal rate.

Mortgage approvals – which are typically given at least a month before a purchase completes – fell to 60,463 in April from a downwardly revised 63,603 in March. This was the lowest total since February 2024 and below economists’ expectations in a Reuters poll of a smaller fall to 63,000.

Net mortgage lending fell by 759 million pounds ($1.03 billion) in April – the largest monthly drop since January 2024 – after a 12.957 billion pound rise in March.

This weakness may prove temporary. Earlier on Monday, Nationwide Building Society – Britain’s second-largest mortgage lender – reported faster than expected house price growth in May and said underlying demand remained strong due to low unemployment and wages outstripping inflation.

However, consultancy Capital Economics said April’s drop represented the third consecutive drop in mortgage approvals and the decline might not all be due to buyers bringing forward purchases to beat the tax deadline.

Ruth Gregory, Capital’s deputy chief economist, said she saw downside risks to her forecast of 3.5% annual house price growth for the fourth quarter of 2025.

Nationwide’s data showed prices up 3.5% in the year to May.

The BoE data also showed unsecured consumer lending rose by a net 1.580 billion pounds – above economists’ 1.1 billion pound forecast – and the annual growth rate rose to 6.7% from March’s 6.2%, the fastest growth since October 2024.

Capital viewed this as a sign that British domestic consumer demand remained strong despite downbeat headlines in April around U.S. President Donald Trump’s tariff plans, while KPMG interpreted it as evidence that households had come under strain from an outsize rise in household bills in April.

($1 = 0.7382 pounds)

Reporting by David Milliken; editing by Suban Abdulla and Toby Chopra

British challenger bank Monzo’s profit soars, revenue tops $1.35 billion

Monzo CEO TS Anil said the bank was planning to expand into more countries this year

FILE PHOTO: A smartphone displays a Monzo logo in this illustration taken January 6, 2020. REUTERS/Dado Ruvic/Illustration/File Photo

International news via Reuters:

Monzo reported revenue above 1 billion pounds ($1.35 billion) for the first time and a sharp rise in annual profit on Monday as the British digital bank increased customer numbers.

The mobile app-based bank, launched in 2015, is one of several digital banks that have emerged in Britain to challenge the dominance of HSBC, Lloyds, Barclays and NatWest – the country’s Big Four.

Monzo, which grew its customer numbers by 25% to 12.2 million last fiscal year, has been looking to expand into Europe through Ireland and strengthen its presence in the United States.

Monzo CEO TS Anil said the bank was planning to expand into more countries this year, without specifying where.

The company has considered listing on the stock market in either Britain or the United States but has not set a firm timeline or chosen a venue for an IPO, a person familiar with the company’s plans told Reuters in March.

“It’s too early for us to talk about an IPO,” Anil told reporters on a media call on Monday. 

“We believe we’d make a great public company one day and we’re well on the trajectory to doing that when we choose to, but it’s just not something we’re focused on right now,” he said.   

The fintech company posted a pretax profit of 60.5 million pounds for the year ended March 31, 2025, compared with 13.9 million pounds a year earlier. Fiscal year 2024 marked the company’s first profitable year.

Revenue grew 48% to 1.2 billion pounds, with customer deposits increasing 48% to 16.6 billion pounds and loans and advances growing 35% to 1.6 billion pounds for the year, the lender said.

Last October, the British bank was valued at 4.5 billion pounds in an employee share sale to a group of investors, including Singapore’s sovereign wealth fund.

Britain’s financial regulator started an investigation into Monzo in 2021 over potential breaches of the country’s anti-money laundering rules and financial crime controls. 

Any resolution to the probe is likely to have a financial cost to Monzo, the bank said on Monday, without providing further details.

($1 = 0.7388 pounds)

Reporting by Yadarisa Shabong in Bengaluru; Editing by Sherry Jacob-Phillips and Kate Mayberry

Microsoft to invest $400 million in Switzerland on AI, cloud computing

The U.S. tech company announced the investment at a meeting of Swiss Economy Minister

FILE PHOTO: A view shows a Microsoft logo at Microsoft offices in Issy-les-Moulineaux near Paris, France, January 9, 2025. REUTERS/Gonzalo Fuentes/File Photo

International news via Reuters:

Microsoft will invest $400 million in Switzerland, the company said on Monday, with the money going towards developing its cloud computing and artificial intelligence infrastructure.

The U.S. tech company announced the investment at a meeting of Swiss Economy Minister Guy Parmelin and its vice chair Brad Smith in Bern.

Microsoft, which employs 1,000 people in Switzerland, did not give details on how many jobs the investment would create.

The money will be used to expand and upgrade its four data centres near Geneva and Zurich, responding to increased demand for AI and cloud computing services in Switzerland, it said.

The expansion will serve existing and new customers and allow data to remain within Swiss borders – an important requirement for sectors like healthcare, finance and government.

Microsoft will also expand its partnership work with small and medium-sized companies and step up training efforts to help people use AI and digital tools.

“Switzerland has created one of the world’s leading innovation ecosystems, blending world-class research with real-world applications,” Smith said in a statement.

Reporting by John RevillEditing by Dave Graham

Swiss economic growth surges as firms race to beat U.S tariffs

The Swiss Purchasing Managers’ Index fell by 3.7 points to 42.1 in May

FILE PHOTO: People walk along the Leman shores in the commercial and financial District in Geneva, Switzerland, November 12, 2019. REUTERS/Denis Balibouse/File photo

International news via Reuters:

The Swiss economy grew by 0.8% in the first three months of 2025, the government said on Monday, its fastest quarterly growth rate in two years, as companies rushed through exports to avoid looming U.S. tariffs.

Shipments of pharmaceuticals, chemicals, watches, and precision instruments surged as Swiss companies upped exports to the United States before trade duties imposed by the administration of President Donald Trump took effect.

“In particular, exports to the U.S. rose sharply, pointing to possible front-loading in connection with U.S. trade policy,” said the State Secretariat for Economic Affairs.

As a result, Swiss gross domestic product expanded by 0.8% compared to the same period last year and double its long-term average quarterly growth rate. The increase was its biggest since the first quarter of 2023.

Swiss manufacturers were stunned when the U.S., Switzerland’s biggest trading partner, announced 31% tariffs on the European country in April. 

The figure has since been temporarily cut down to 10%, with Swiss politicians eager to secure a lasting agreement in the coming weeks. 

Small and mid-sized Swiss engineering companies have expressed concern over the uncertainty. 

Foreign customers were less willing to invest in new machinery, industry association Swissmechanic said, while the strong appreciation of the Swiss franc was an additional burden. 

Many orders for machinery and equipment have been put on ice or cancelled, said Swissmechanic President Nicola Tettamanti, as companies delayed investment decisions.

“Everybody is in wait-and-see mode, and that means no orders,” Tettamanti said. “Business uncertainty is as high as it was during the COVID pandemic, and we will see the effect of this on GDP and the labour market in the next few months.”

The Swiss Purchasing Managers’ Index fell by 3.7 points to 42.1 in May, data showed on Monday, its lowest level since May 2023 and well below the growth threshold of 50 points.

Reporting by John Revill, Editing by Friederike Heine and Saad Sayeed

US Supreme Court lets Trump revoke humanitarian legal status for migrants

Migrants with parole status reacted to Friday’s decision with sadness and disappointment

Law enforcement officers, including HSI and ICE agents, take people into custody at an immigration court in Phoenix, Arizona, U.S., May 21, 2025. REUTERS/Caitlin O’Hara/File Photo

International news via Reuters:

The U.S. Supreme Court on Friday let President Donald Trump’s administration revoke the temporary legal status of hundreds of thousands of Venezuelan, Cuban, Haitian and Nicaraguan migrants living in the United States, bolstering the Republican president’s drive to step up deportations.

The court put on hold Boston-based U.S. District Judge Indira Talwani’s order halting the administration’s move to end the immigration “parole” granted to 532,000 of these migrants by Trump’s predecessor Joe Biden, potentially exposing many of them to rapid removal, while the case plays out in lower courts.

Immigration parole is a form of temporary permission under American law to be in the country for “urgent humanitarian reasons or significant public benefit,” allowing recipients to live and work in the United States. Biden, a Democrat, used parole as part of his administration’s approach to deter illegal immigration at the U.S.-Mexican border. 

Trump called for ending humanitarian parole programs in an executive order signed on January 20, his first day back in office. The Department of Homeland Security subsequently moved to terminate them in March, cutting short the two-year parole grants. The administration said revoking the parole status would make it easier to place migrants in a fast-track deportation process called “expedited removal.” 

As with many of the court’s orders issued in an emergency fashion, Friday’s decision was unsigned and gave no reasoning. Two of the nine-member court’s three liberal justices, Ketanji Brown Jackson and Sonia Sotomayor, publicly dissented. 

The court botched its decision by failing to account for its impact, Jackson wrote in an accompanying opinion. The outcome, Jackson wrote, “undervalues the devastating consequences of allowing the government to precipitously upend the lives and livelihoods of nearly half a million noncitizens while their legal claims are pending.”

The case is one of many that Trump’s administration has brought in an emergency fashion to the nation’s highest judicial body seeking to undo decisions by judges impeding his sweeping policies, including several targeting immigrants. 

The Supreme Court on May 19 also let Trump end a deportation protection called temporary protected status that had been granted under Biden to about 350,000 Venezuelans living in the United States, while that legal dispute plays out. 

Biden starting in 2022 let Venezuelans who entered the United States by air request a two-year parole if they passed security checks and had a U.S. financial sponsor. Biden expanded that to Cubans, Haitians and Nicaraguans in 2023. 

A group of migrants granted parole and Americans who serve as their sponsors sued, claiming the administration violated federal law governing the actions of government agencies. Talwani in April found that the law governing such parole did not allow for the program’s blanket termination, instead requiring a case-by-case review. The Boston-based 1st U.S. Circuit Court of Appeals declined to put the judge’s decision on hold.

‘TRAUMATIC IMPACT’

Guerline Jozef, executive director of Haitian Bridge Alliance, one of the plaintiffs, expressed dismay at Friday’s decision.

“Once again, the Trump administration blatantly proves their disregard for the lives of those truly in need of protection by taking away their status and rendering them undocumented. We have already seen the traumatic impact on children and families afraid to even go to school, church or work,” Jozef said.

The administration called Friday’s decision a victory, asserting that the migrants granted parole had been poorly vetted. Ending the parole programs “will be a necessary return to common-sense policies, a return to public safety and a return to America First,” Department of Homeland Security Assistant Secretary Tricia McLaughlin said.

While many of those with parole status are at risk of deportation, at least 250,000 had pending applications for another legal status, according to Karen Tumlin, director of the Justice Action Center, one of the groups suing over the parole termination. Those applications had been frozen by Trump’s administration but the freeze was lifted this week, said Tumlin, adding: “Those should be processed right now.”

Migrants with parole status reacted to Friday’s decision with sadness and disappointment.

Fermin Padilla, 32, waited two years in Chile to receive parole status and paid for his work permit. 

“We complied with all the requirements the United States government asked for,” said Padilla, who lives in Austin, Texas, and delivers Amazon packages. “Now I’m left without security because we don’t know what will happen. We’re without anything after so much sacrifice. It’s not fair.”

Retired university professor Wilfredo Sanchez, 73, has had parole status for a year and a half, living in Denver with his U.S. citizen daughter, a doctor.

“I was alone in Venezuela, with diabetes and hypertension,” Sanchez said. “I have been relaxed here, happy with (my daughter), her husband and my grandkids. I have all my medical treatment up to date.”

“To return to Venezuela is to die, not just because of my medical conditions, but from loneliness,” Sanchez added.

Carlos Daniel Urdaneta, 30, has lived in Atlanta for three years with parole status, working in a restaurant, since coming to the United States to earn money to send to his ill mother in Venezuela.

“If I have to work triple in my country, I will,” said Urdaneta, whose wife and son are still in Venezuela. “I won’t risk staying here undocumented with this government.”

Reporting by Andrew Chung in New York; Additional reporting by Nate Raymond and Ted Hesson; Editing by Will Dunham

HSBC to inject $4 billion into its private credit funds

HSBC AM’s private credit unit is playing catch up against more-established players

A view of the logo of HSBC bank on a wall outside a branch in Mexico City, Mexico June 14, 2024. REUTERS/Henry Romero

International news via Reuters:

Europe’s biggest bank HSBC will inject $4 billion into its private credit funds, amid a wider push by banks into the booming market as profits from traditional lending have come under pressure. 

HSBC said it will invest the cash into HSBC Asset Management’s (HSBC AM) alternative credit funds, with the aim of attracting additional capital from external investors to build a $50 billion credit fund within five years.

The fast-growing $2 trillion global private credit market provides lending to companies outside the more highly-regulated banking system, and is dominated by private equity giants like Blackstone and Ares Management.

Banks have been trying to muscle in, with some such as Citi and UBS partnering with existing players Apollo and General Atlantic. Others like Deutsche Bank and HSBC have moved to build their own ventures. 

“It’s an arms race,” Nicolas Moreau, CEO of HSBC AM, told Reuters, adding that having greater HSBC group backing for its private credit funds would help the firm attract external money.

While small in the context of HSBC’s $3 trillion balance sheet, the move is part of CEO Georges Elhedery’s strategy to drive up revenue in higher-returning areas like private credit rather than relying on low-returning bank loans. 

Reuters first reported in April that HSBC was exploring options to accelerate growth in private credit.

HSBC AM’s private credit unit is playing catch up against more-established players. It has deployed $7 billion across 150 transactions since launching in 2018. 

The new funds will be invested globally, with an initial focus on areas including direct lending in the UK and Asia, Moreau added. 

Reporting by Iain Withers and Lawrence WhiteEditing by Anousha Sakoui and David Holmes

UK to expand submarine fleet in shift to ‘warfighting readiness’

Keir Starmer has sought to cast the higher defence spending as a way to create jobs and wealth

Members of staff react during a visit by Britain’s Prime Minister Keir Starmer to the BAE Systems’ Govan facility, in Glasgow, Scotland, Britain, June 2, 2025. Andy Buchanan/Pool via REUTERS

International news via Reuters:

Britain will expand its nuclear-powered attack submarine fleet as part of a defence review to be published on Monday that is designed to prepare the country to fight a modern war and counter the threat from Russia.

Prime Minister Keir Starmer, like other European leaders, is racing to rebuild the UK’s military capabilities after U.S. President Donald Trump told the continent it needed to take more responsibility for its own security.

Monday’s Strategic Defence Review will call for Britain’s armed forces to move to a state of “warfighting readiness” and reverse its post-Cold War military decline. 

“The moment has arrived to transform how we defend ourselves,” Starmer told workers at BAE Systems’ Govan shipbuilding site in Scotland, saying he would “end the hollowing out of our armed forces.” 

“When we are being directly threatened by states with advanced military forces, the most effective way to deter them is to be ready.”

Despite cuts to the military budget in recent years, Britain still ranks alongside France as one of Europe’s leading military powers, with its army helping to protect NATO’s eastern flank and its navy maintaining a presence in the Indo-Pacific.

But the army, with 70,860 full-time trained soldiers, is the smallest since the Napoleonic era and the government has said it must rebuild given the growing strategic threats. 

Elected last July, Starmer has already cut the aid budget to fund an increase in defence spending to 2.5% of GDP by 2027, from 2.3%, with an ambition to get to 3% over the longer term. 

Starmer has sought to cast the higher defence spending as a way to create jobs and wealth, as he juggles severely strained public finances, a slow-growing economy and declining popularity among an increasingly dissatisfied electorate. 

The authors of the defence review, led by the former NATO boss, George Robertson, and a former Russia adviser to the White House, Fiona Hill, said the higher spending had enabled them to set out a 10-year military programme. 

RECOMMENDATIONS

Among the report’s 62 recommendations that will be accepted by government, Britain will build at least six new munitions plants, procure up to 7,000 British-made long-range weapons, and launch new communication systems for the battlefield.

A Cyber and Electromagnetic Command will lead defensive and offensive cyber capabilities, after UK military networks faced more than 90,000 “sub-threshold” attacks in the last two years. 

Britain will also build up to 12 of its next-generation attack submarines – which are nuclear-powered but carry conventional non-nuclear weapons – to replace the current fleet of seven from the late 2030s, developed by the UK, U.S. and Australia, under a security partnership known as AUKUS. 

Britain also put a price for the first time on the replacement of the nuclear warheads on a separate fleet of submarines, with the pre-existing programme set to cost 15 billion pounds before the next election due in 2029.

“With new state-of-the-art submarines patrolling international waters and our own nuclear warhead programme on British shores, we are making Britain secure at home and strong abroad,” Defence Secretary John Healey said.

The announcement on new submarines helped lift the share prices of defence groups Babcock, BAE and Rolls Royce.

Writing by Kate Holton; Editing by David Holmes and Bernadette Baum