As Britain’s defence spending grows, QinetiQ’s state-backed profits appear to be funding the hard-right political ambitions of its largest shareholder, raising urgent ethical and regulatory questions.

The European Network Against Arms Trade (ENAAT) report shows that the top 15 European arms manufacturers experienced significant revenue and profit growth in 2022, a year marked by Russia’s invasion of Ukraine, but it remains unclear how directly the conflict has contributed to this growth, raising ethical questions about profiteering from warfare.