I welcome the Prime Minister’s announcement of a commitment to spend 2.5% of GDP on defence by 2030.
This increase in defence spending starts immediately and will mean an extra £75 billion over the next six years. This increased spending is the biggest strengthening of our national defence for a generation and will confirm the UK’s place as the biggest defence power in Europe, second only to the USA in NATO.
The investment that has been outlined will focus on firing up the UK industrial base, including £10 billion on the new munition’s strategy; ensuring that the country’s Armed Forces are benefiting from the latest technology, and guaranteeing our long-term support to Ukraine. Long-term support for Ukraine is being accompanied by immediate support of an additional £500 million – taking total support this year to £3 billion – and the largest-ever single package of equipment.
The Government also recognises that, with an acceleration of new technologies, warfare is fundamentally changing. The Prime Minister therefore announced that the Government will increase defence R&D to, at minimum, 5% of the defence budget. A new Defence Innovation Agency will also be established so that, for the first time, decisions about defence innovation will be brought together into a single, strategic agency that will be freed from red tape and work with the private sector on emerging new technologies.
The UK is leading the way in Europe and setting a new standard among the major NATO economies. At this turning point in European security, if 2.5% becomes a new benchmark for NATO partners to reach, allied defence spending would increase by over £140 billion. That would provide safety and security for the British people that far outstrips anything we could achieve alone.
I believe we must do more to defend our country, our interests, and our values. So today, I welcome the biggest strengthening of our national defence for a generation. Defence spending will be increased to a new baseline of 2.5% of GDP, by 2030 – rising steadily every year.
