UK considering earlier hike in defence spending, BBC says
LONDON, Feb 16 (Reuters) – The British government is considering bringing forward its target date of spending 3 percent of economic output on defence, a year after it last increased its planned budget for the military, the BBC reported on Monday.
Warning about the risks posed by Russia, Britain said in February 2025 that it would increase annual defense spending to 2.5 percent of GDP by 2027 and target 3 percent in the next parliament, which is expected to start after elections in 2029.
The BBC said Prime Minister Keir Starmer’s aides are now looking at proposals to meet the 3 per cent target by 2029. The BBC said no decisions had been taken but the government had accepted that current plans would not cover rising defense costs.
Starmer told the Munich Security Conference on Saturday that Europe had come together to support Ukraine on arms and ammunition supplies, adding: “It’s clear we’re going to have to spend faster.”
The latest NATO forecasts show the UK spending 2.3% of GDP in 2024, above NATO guidance of 2%. But it has faced pressure from the United States to spend more to protect the continent, in line with other European countries.
The government, grappling with high debt and spending commitments, last year cut the international aid budget to increase defense spending to 2.5% of GDP, but has yet to publish an investment plan with spending priorities; This disappointed the defense industry.
Britain’s budget watchdog, the Office for Budget Responsibility, said last year that increasing spending to 3% of GDP would cost an additional £17.3 billion ($24 billion) a year in 2029-30.
Finance minister Rachel Reeves has struggled to stay on track to meet targets to repair the public finances. The BBC said the finance ministry was believed to be cautious about new defense spending proposals. A government spokesman declined to comment on the revised plans.
“The government is focused on providing services for defence,” the spokesman said. “With an extra £5bn for defense this financial year alone, we are delivering the biggest sustained increase in defense spending since the Cold War.”
($1 = 0.7332 pounds)
(Reporting by Kate Holton; Editing by Kirsten Donovan and William Schomberg)
