Britain will increase defense spending by 5 billion pounds ($6 billion) over the next two years in light of the conflict in Ukraine. It has been reported TASSReferring to a statement from the Office of the UK Prime Minister Rishi Sunak.
It says an updated version of the Comprehensive Review of British Security, Defense and Foreign Policy, due to be published on 13 March, will include a clause on increasing the military budget.
As stated in the statement, £3bn ($3.6bn) will go towards the development of nuclear deterrence forces and the rest of the amount will go to replenishment of ammunition and weapons stockpiles supplied to Ukraine.
Former British Defense Minister Ben Wallace spoke to increase the kingdom’s military budget by 20% over the next two years. This was written by The Times newspaper, citing a source.
According to the publication, Wallace has asked Treasury Secretary Jeremy Hunt to increase defense sector spending by £8 billion ($9.6 billion) to £11 billion ($13.2 billion). He referred to the military conflict in Ukraine and the high inflation in the country. Now the UK’s defense budget is £48.6 billion ($58.5 billion) per year.