AssetID: 55476275
Headline: UNCAPTIONED: UK Weighs Accelerating Defence Spending Boost To 3% Of GDP
Caption: UK Weighs Accelerating Defence Spending Boost To 3% Of GDP. The prime minister is considering a major rise in defence spending, with officials exploring whether to bring forward a pledge to increase funding to 3% of GDP before the end of the current parliament. Sir Keir Starmer had previously committed to raising core defence spending to 2.5% of GDP by April 2027, with a longer-term ambition of reaching 3% in the next parliament. Now advisers are examining whether that higher target could be met as early as 2029. No formal decision has been taken and the Treasury is said to be cautious about the potential multibillion-pound cost of accelerating the plan. The proposal was discussed during a recent high-level meeting focused on the delayed defence investment plan, amid concerns that existing budgets will not cover rising costs and long-term commitments. Reports have suggested the Ministry of Defence requires an additional £28bn over the next four years to meet current obligations, with defence leaders warning that priorities cannot all be delivered within the present budget. According to the Office for Budget Responsibility, lifting defence spending to 3% of GDP by 2029-30 could require an extra £17.3bn annually, although some economists estimate the figure closer to £13-14bn when existing increases are factored in. The UK currently spends about 2.3% of GDP on defence, roughly £66bn a year, and has agreed alongside NATO allies to aim for 3.5% of GDP on security and defence by 2035. Speaking at the Munich Security Conference, Sir Keir argued that rising threats, particularly from Russia, demand faster and greater investment in “hard power” to reduce reliance on the United States and strengthen cooperation with European allies, including support for Ukraine. Within Whitehall, some officials have reportedly pushed strongly for an accelerated increase, while Treasury sources deny resisting a specific 3% plan but stress that any decision must fit within fiscal rules. Potential funding options under discussion include reallocating money from overseas aid, net-zero projects or infrastructure schemes, though borrowing more could risk unsettling financial markets. Instructions: THIS VIDEO MUST NOT BE EDITED FOR LENGTH TO COMBINE WITH OTHER CONTENT
Keywords: Current Affairs & Politics,Keir Starmer,Downing Street,Ministry of Defence,MOD,Office for Budget Responsibility,OBR,Munich Security Conference,NATO,Yvette Cooper,Morgan McSweeney,defence spending,UK government,GDP target,military budget,national security,Russia threat,Ukraine support,fiscal policy,Treasury,public finances,Cold War comparison,security investment
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