Britain will outline a defence funding plan targeting three per cent of GDP by 2030 and 3.5 per cent by 2035.
British Prime Minister Andy Burnham has said the government will outline a plan to fully fund its existing defence commitments and meet its NATO spending targets by 2035.
Burnham said Finance Minister John Healey would provide details of the funding plan on Wednesday when he delivers his first budget, as the defence industry seeks assurances that Britain has a clear strategy for increasing military spending.
Speaking on ITV’s Good Morning Britain on Monday, Burnham said the government’s immediate priority was to fully fund its previously announced defence investment plan.
“We’ve been working hard to do that,” he said. “It’s crucial that we have a funded plan that we can then implement, and we will set out more details on Wednesday as to how we’ve done that.”
Asked whether the plan would include increasing defence spending to three per cent of gross domestic product by 2030 and 3.5 per cent by 2035, Burnham confirmed that the targets would be included.
“It is, and we will set out a plan as to how we think is the right way to do that,” he said, adding that Britain would meet its NATO commitments.
Britain currently spends about 2.6 per cent of its GDP on defence and has previously pledged to reach the three per cent target during the next parliamentary term. The country’s next general election is due by mid-2029 at the latest.
Last year, NATO members agreed to spend 3.5 per cent of GDP on core defence requirements by 2035, alongside an additional 1.5 per cent on broader defence and security measures.
