Rishi Sunak hikes UK defence budget to 2.5% of GDP by 2030
UK defence spending will increase immediately and then rise steadily to reach £87billion at the end of the decade, the Prime Minister promised
Rishi Sunak has pledged to hike the UK’s defence spending to 2.5% of GDP by 2030.
He warned there can be no complacency with the globe at its “most dangerous” since the end of the Cold War amid the war in Ukraine.
The defence budget is expected to get an additional £75billion over six years, the equivalent of £12.5billion a year.
Prime Minister Rishi Sunak said: “As our adversaries align, we must do more to defend our country, our interests, and our values.
“That is why today I am announcing the biggest strengthening of our national defence for a generation. We will increase defence spending to a new baseline of 2.5% of GDP by 2030 – a plan that delivers an additional £75billion for defence by the end of the decade and secures our place as by far the largest defence power in Europe.
“Today is a turning point for European security and a landmark moment in the defence of the United Kingdom. It is a generational investment in British security and British prosperity, which makes us safer at home and stronger abroad.”
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Mr Sunak is in Warsaw with Chancellor Jeremy Hunt and Defence Secretary Grant Shapps.
Delivering a speech alongside NATO Secretary-General Jens Stoltenberg, the Prime Minister said this is a turning point in European security and urged allies to step up.
The latest defence spending will be funded in full, without any increases in borrowing or debt.
At least £2.9billion will be found through reducing the headcount in the civil service to pre-pandemic levels by 2029/30.
Defence Secretary Grant Shapps said: “We are living in a much more dangerous world.
“Between Russia’s invasion of Ukraine, Iran and its proxies seeking to escalate deadly conflict, and China flexing its muscles, there can be no doubt that the era of the peace dividend is clearly over.
“The mounting threats we face mean we must invest in defence if we are to continue to defend our values, freedoms and prosperity.
“Today's announcement marks the single greatest strengthening of our defence since the Cold War, which will support jobs, boost growth, and strengthen our incredible Armed Forces as a modern fighting force.”
The UK will spend £87billion on defence in 2030/31, an increase of £23billion on what will be spent in 2024/25.
The Chancellor said: “It speaks to Britain’s global role that, with an improving economy, we are able to make this commitment to peace and security in Europe.
“It also sends the clearest possible message to Putin that as other NATO European countries match this commitment, which they will, he will never be able to outspend countries that believe in freedom and democracy.”
