Britain allocates £500m to Faslane submarine base

More than 500 million pounds (770 million U.S. dollars) in funding will be allocated to the Royal Navy's flagship submarine base, HM Naval Base Clyde at Faslane, the British government said Monday.

The work, which will take ten years to complete, is expected to start in 2017 and will guarantee the future of the Faslane base at least until 2067, Chancellor of the Exchequer George Osborne said in a statement.

This money, which Osborne said will secure 6,700 jobs and create more, will be spent on ship lifts, sea walls, jetties and other major projects to ensure Faslane continues as a world-leading naval base.

Faslane is the largest military establishment in Scotland, and is one of the three major naval hubs alongside Portsmouth and Devonport.

The government believes the investment in defense will also support Britain's defense and security exports industry.

According to official statistics, Britain's defense and security exports totaled nearly 12 billion pounds (18.41 billion dollars) in 2014, making it the second-largest exporter of defense and equipment services after the United States.