The upcoming NATO summit may compel the UK to boost defense spending to 3.5% of GDP by 2035, requiring a £30 billion increase that could lead to higher taxes. The Institute for Fiscal Studies warns of significant tax hikes and budget cuts to accommodate this rise, with directors emphasizing the fiscal burden it will impose on citizens. Though UK leadership shows reluctance, NATO pushes for an increase in spending, citing the need for collective security amidst global instability. Key figures highlight the seriousness of deterrence measures against potential threats.
"It really does seem to me that the only choice that is available, if we're going to go through all of those things, is some really quite chunky tax increases to pay for it."
"This period of unprecedented instability demands enhanced collective security with allies, especially Nato, to sustain deterrence that prevents opponents from considering inflicting harm."
Collection
[
|
...
]