Jeremy Hunt announced a further £5 billion for the Ministry of Defence across the next two years, with £11 billion being allocated over the course of 5 years. The investment will take Britain up to spending almost 2.25% of GDP on defence.
This will bring defence spending to 2.25% of GDP. He says that the Government’s plan is to lift it to 2.5% over the longer term.
He also announced £33 million in additional funding for veteran support.
The Chancellor said he is “proud we’re giving Ukraine more military support than anyone else in Europe.”
He added: “On Monday we were able to go even further, with Ben Wallace announcing a £5bn package of funding for the MoD; an additional £2bn next year and £3bn the year after.
The Chancellor continued: “We will provide a package of over £30m to support veterans with injuries returning from service and increase the availability of veterans’ houses.”
Responding to the announcement on veteran funding, minister Johnny Mercer told the Daily Express it’s “the biggest financial commitment from the Treasury to veterans affairs in UK history.”
Over the weekend the Government announced an extra £5 billion in defence spending, ahead of Rishi Sunak visiting the US to announce a new defence pact with the United States and Australia.
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