Mel Stride, MP for Central Devon, has announced his support for the Government’s new defence spending commitment, which will increase the defence budget to 2.5 per cent of GDP in 2030.
Between now and 2030, UK defence spending will increase gradually with incremental rises each year. This increase, totalling £75 billion, is the largest single investment in defence since the end of the Cold War.
The investment will focus on firing up the UK industrial base and includes a new munitions strategy, which will ensure that our armed forces are benefitting from the latest technology.
With threats to the UK and its interests increasing, and authoritarian states becoming progressively assertive in their approach, national security has never been more important.
Mel Stride, MP for Central Devon and Secretary of State for Work and Pensions said: “While the financial cost of deterring threats to the UK is significant, it is imperative that we do not allow hostile states to reshape the world order. We have only been able to increase defence spending to this extent because we have stuck to our plan for the economy and successfully driven down inflation.”
Not only will this investment allow the UK to protect itself, it will also facilitate the provision of long-term aid to Ukraine.
This comes alongside an immediate injection of an additional £500 million to the UK’s support package for Ukraine, bringing the total amount of support provided this year to £3 billion.
The UK is leading the way in Europe and setting a new standard among major NATO economies. At this turning point in European security, if 2.5 per cent becomes a new benchmark for NATO partners to reach, allied defence spending would increase by over £140 billion. This would provide a level of safety and security for the British people that far outstrips anything we could achieve alone.
