The UK will increase its defense budget by £1bn next year to avoid a future pay cut. The British newspaper The Telegraph writes it today.
The British Chancellor of the Exchequer, Jeremy Hunt, will most likely announce the budget increase in the spring, writes the newspaper. Military experts estimate that the defense budget needs to increase from GBP 48.6 to GBP 50.1 billion in 2024-2025, in order to avoid a cut in wages as long as inflation remains above 10%. .
According to Hunt, the UK government recognizes the need to increase the defense budget and has confirmed that the UK will abide by the NATO standard; that at least 2% of GDP is spent on defence.
“Bigger Budgets”
“We have one of the largest defense budgets in Europe and in 2020 we announced that we would make the largest defense investment since the Cold War,” a spokesman said. He also said any budget increases are part of the UK’s vision for the year ahead. This so-called ‘magazine’ examines, among other things, defense, but also security and foreign policy.
Source: BNR
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