UK Defence Spending to increase to 2.5% of GDP, call for15 Jan 2024 13:05
Https://www.gov.uk/government/speeches/defending-britain-from-a-more-dangerous-world
Today, for the very first time this government is spending more than ยฃ50bn a year on Defence in cash terms, more than ever before.
And we have made the critical decision to set out our aspiration to reach 2.5% of GDP spent on defence.
And as we stabilise and grow the economy, we will continue to strive to reach it as soon as possible.
But now is the time for all allied and democratic nations across the world to do the same.
And ensure their defence spending is growing.
Because, as discussed, the era of the peace dividend is over.
In five yearsโ time we could be looking at multiple theatres involving Russia, China, Iran and North Korea.
Ask yourselves โ looking at todayโs conflicts across the world - is it more likely that the number grows, or reduces?
I suspect we all know the answer โ itโs likely to grow. So, 2024 must mark an inflexion point.