Prime Minister announces significant increase in Defence spending

Wednesday 24 Apr 2024 @ 13:20
techUK

Speaking yesterday at a NATO press conference in Poland, the Prime Minister committed to increase Defence spending to 2.5% of GDP by 2030, representing an additional £75bn in funding over the next 6 years.

The commitment means that in-year Defence spending will rise gradually each year between now and 2030, reaching £87.1bn by the end of the decade. At that point, in-year spending will be £7bn higher than the current level of 2.3% of GDP.

Commenting on yesterday's commitment techUK CEO Julian David said:

techUK and our members warmly welcome yesterday's announcement to boost Defence spending to 2.5% of GDP by 2030. The injection of an extra £75bn for Defence is transformative, giving technology and digital companies the confidence to invest in the sector, helping to enhance our own national security and reassuring our allies and partners in what is an increasingly dangerous and unpredictable world. With technology now playing an increasingly critical role as both an enabler and a force multiplier, extra investment in digital capabilities is vitally important to help the UK maintain its competitive advantage. We look forward to further clarity on where the spending uplift will be focused in due course for both our own members and the wider tech sector

Channel website: http://www.techuk.org/

Original article link: https://www.techuk.org/resource/prime-minister-announces-significant-increase-in-defence-spending.html

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