UK announces £75B defence boost

FACTA

FUTURA

The U.K. promised to pump an extra £75 billion into its defence budget over the next six years. The move will see the U.K. spend the equivalent of 2.5% of GDP per year on defence by the end of the decade. The commitment would bring the U.K.'s annual defence spending to £87 billion in 2030-31. No.10 Downing Street said: "If all NATO countries committed at least 2.5% of their GDP to defence, our collective budget would increase by more than £140 billion." Downing Street urges 'other major European NATO economies to follow.'

French Armed Forces Minister Sébastien Lecornu announced in February 2024 that France will reach NATO's current target of spending 2% of GDP on defence in 2024, earlier than previously forecast. Germany is also on track to meet the 2% target in 2024 for the first time since the end of the Cold War. This is in line with Vilnius Summit Communique that saw 2 % as the baseline rather than a ceiling. This tendency can be further strengthened by a possible Trump victory in US elections in November 2024. 2,5% of GDP could thus be anticipated as a possible new benchmark for NATO member states´ defence spending.