Today, the Prime Minister announced that the Government will increase defence spending to 2.5 per cent of GDP by 2030, totalling an extra £75 billion over the next six years.
The last few years have been some of the most turbulent in recent history, with a global pandemic and war in Ukraine and the Middle East putting the international system under incredible strain. In the face of this, the Government have increased defence spending to a record £50 billion a year, including an uplift of £24 billion – the largest single investment in defence since the end of the Cold War.
However, the Government is going a step further today and pledging to spend 2.5 per cent of GDP on defence by 2030. This will confirm our place as the biggest defence power in Europe and the second largest in NATO.
The significant increase is fully funded, with no increase in borrowing or debt. It is only possible thanks to the firm action taken to drive down inflation and grow the economy.
Julian Smith said, “The first duty of any government is to protect its citizens. Since 2019, we have seen defence spending increase by over £41 billion and today’s announcement crystallises this Government’s commitment to put our national security first.
“I fully support the Prime Minister's announcement today to increase defence spending to 2.5 per cent of GDP by 2030. It will mean a significant increase in our defence budget and help boost our security at home and strength abroad.”
