Burnham's chancellor will have to find extra £4.7bn for defence, says minister
Summary
The UK government plans to spend £15 billion over four years to improve the country’s defense. However, there is a £4.7 billion shortfall that the next chancellor must cover in the autumn Budget. The plan aims to increase defense spending to meet NATO targets without borrowing more money.Key Facts
- The government announced a £15 billion investment in defense over the next four years.
- Only £10.3 billion of this amount has been found so far, leaving a £4.7 billion gap.
- The next chancellor, expected to be Andy Burnham, will need to find the extra funds in the autumn Budget.
- Defense spending is planned to rise from 2.6% to 2.7% of the UK’s national income by 2030.
- The goal is to meet NATO’s 3.5% defense spending target by 2035.
- Funding will come from cuts to other government department budgets, not from borrowing.
- The Department for Transport and the Department for Energy Security and Net Zero are making savings to help cover costs.
- This defense plan was one of the last announcements by outgoing Prime Minister Sir Keir Starmer.
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