"The Government could pour an extra £17.3 billion a year into defence by 2029 as Britain braces for a more dangerous world. Prime Minister Keir Starmer has already pledged to raise spending to 2.5% of GDP by April 2027 - and now wants to push it to 3% in the next Parliament. At the Munich Security Conference, Starmer warned, "To meet the wider threat, it's clear that we are going to have to spend more, faster.""
"Air Chief Marshal Richard Knighton and his German counterpart issued a stark joint warning in The Guardian and the German paper Die Welt, Russia has "shifted decisively westward." Europe needs a "step change" in defence. "Rearmament is not warmongering... Strength deters aggression. Weakness invites it." They warned defence can no longer be left to soldiers alone - it requires a "whole-of-society approach.""
The UK government could increase defence spending to 3% of GDP by the next Parliament, costing an extra £17.3 billion a year by 2029. The Prime Minister has pledged to reach 2.5% by April 2027 and seeks a further rise to 3%. The Office for Budget Responsibility calculates the annual cost, while the Treasury remains cautious. Military leaders warn of a shifted security landscape in Europe and call for a step change and whole-of-society rearmament. Critics say current increases are insufficient. The country faces choices between higher taxes, more borrowing, or cuts elsewhere.
Read at London Business News | Londonlovesbusiness.com
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