Increased defence spending will boost UK economic growth, Streeting says
Summary
Wes Streeting, the UK’s defence secretary, said increasing defence spending will help the country’s economic growth. The government plans to raise defence spending to 3.5% of GDP by 2035, supporting jobs and industry, especially in the arms sector.Key Facts
- Defence spending will be a priority for the new UK government under Prime Minister Andy Burnham.
- The target is to increase defence spending from 2.6% of GDP to 3.5% of GDP by 2035.
- This increase would add more than £25 billion in real terms over the next decade.
- The government views higher defence budgets as a way to boost economic growth and reindustrialise the UK.
- The last time UK defence spending was this high was in the early 1990s after the Cold War.
- Renewed security concerns about Russia, China, and pressure from the US have influenced this shift.
- John Healey, former defence secretary, was appointed chancellor, signaling strong alignment on defence investment.
- A new British prototype drone called the “loyal wingman” was unveiled, costing about £15 million and built by BAE Systems.
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