The UK has committed to increasing defence spending to 2.5% of their national income by the year 2030, according to Rishi Sunak. The move is set to result in £75bn more funding for the military in the next six years. Conservative MPs and ministers have been putting pressure on the government to increase spending along with these numbers. Presently, the government plans to spend 2.3% of gross domestic product (GDP) on defence this year. Previously, it was unannounced when they would increase spend to 2.5% of income, and it was said to happen when economic conditions allowed.
However, during a visit to Poland, Prime Minister Boris Johnson announced the 2.5% income date, solidifying the spending commitment ahead of the impending general election expected to take place as soon as July. The Labour party has stated that they will increase defence spending to 2.5% of GDP if they win the election as soon as resources allow for it.
According to Downing Street, the UK’s defence spending would swiftly and routinely increase to £87bn by the end of the decade. This means an additional £10bn for munitions composition over the next 10 years and additional money for research and Ukraine. Two ministers, Anne-Marie Trevelyan and Tom Tugendhat, publicly urged the Prime Minister to increase spending in the previous month. Rishi Sunak has already confirmed the UK will fund an extra £500m for Ukraine this year, on top of the £2.5bn already committed.
However, some experts have expressed scepticism over the long-term goals, including the director of the Institute for Fiscal Studies think tank, Paul Johnson, who stated the previous promise to raise spending to 2.5% of GDP was “not worth the paper it’s written on unless accompanied by some sense of how it will be afforded”. Last month, MPs on the Public Accounts Committee (PAC) warned the government lacked a “credible plan” to fund the Ministry of Defence, which is facing a £16.9bn black hole in its finances, despite a £46.3bn injection over the next decade. The Prime Minister refused to rule out calling a general election in July and mentioned that it would be “in the second half” of the year when questioned earlier by reporters
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