John Healey to duck meeting UK defence spending target in budget
Summary
John Healey, the new UK chancellor, will delay announcing when the UK will meet the defence spending target of 3% of GDP until next year’s spending review. His October budget will focus on fully funding the current defence investment plan without setting a date for the spending goal.Key Facts
- John Healey is the UK chancellor and will present his first budget on 28 October.
- The UK has a target to spend 3% of its GDP on defence, but no date will be set yet to meet this target.
- The last defence investment plan was set for three years but left about £1.2 billion per year unfunded.
- The UK government plans to fully fund the existing defence investment plan in this budget.
- A new spending review to outline defence spending plans is expected next year, but no exact date is known.
- The government aims to meet NATO’s target of 3.5% of GDP on defence by 2035.
- Defence spending is expected to reach 2.7% of GDP by 2030, partly funded by cuts in UK aid spending.
- Healey emphasized fiscal discipline as vital for economic stability and avoided increasing borrowing.
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