Starmer warns Burnham not to borrow to fund defence as he reveals £15bn plan
Summary
Prime Minister Keir Starmer announced a £15 billion plan to increase military spending by shifting funds from energy, transport, and housing projects. He advised his likely successor, Andy Burnham, not to borrow more money to pay for defence but to find other sources of funding.Key Facts
- The government will spend an extra £15 billion on defence investment over the next four years.
- The £15 billion is being taken from capital budgets in other departments like roads, energy, and military housing upgrades.
- Over £8 billion will be spent on a new stealth fighter jet, and more than £63 billion on nuclear weapons systems.
- More than £5 billion will be spent on drones, with some money reallocated from other defence budget parts.
- Starmer warned against using borrowing to fund defence because it could increase interest rates and public debt costs.
- The Ministry of Defence originally asked for £28 billion, so this plan provides just over half of that.
- Starmer aims to reach 3% of GDP on defence spending during the next parliament.
- Andy Burnham is expected to become prime minister in July and is likely to continue the defence investment plan.
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