UK To Boost Defense Budget By $13Bln Over Next 5 Years - Finance Minister

The United Kingdom will increase its defense budget by a total of 11 billion pounds ($13 billion) over the next five years, UK Chancellor of the Exchequer Jeremy Hunt said on Wednesday

MOSCOW (UrduPoint News / Sputnik - 15th March, 2023) The United Kingdom will increase its defense budget by a total of 11 billion Pounds ($13 billion) over the next five years, UK Chancellor of the Exchequer Jeremy Hunt said on Wednesday.

Earlier this week, the UK released a new security paper titled Integrated Review Refresh 2023 in which it set an ambition to increase its defense spending to 2.5% of the GDP.

"Today ...

I confirm that we will add a total of 11 billion pounds to our defense budget over the next five years," Hunt said during his speech in the House of Commons.

He added that the UK's defense budget will amount to almost 2.25% of its GDP by 2025, saying that the country was ready to raise the figure to 2.5% "as soon as fiscal and economic circumstances allow."

In November 2020, Boris Johnson, who was the prime minister at the time, pledged to increase the defense budget by 16.5 billion pounds in four years.