It is expected to increase its defense spending by $1.21 billion to avoid reductions in the context of the path of inflation over the next two years. Britainaccording to a report by the Telegraph.
Chancellor of the Exchequer Jeremy Hunt is expected to announce an increase in his budget in the springaccording to the same publication.
The newspaper reported that defense experts estimate that the Ministry of Defense budget for 2024/25 should rise to 50.1 billion pounds ($60.39 billion) from the current spending level of 48.6 billion pounds ($58.58 billion)in order to avoid movements to readjust inflation, which remains at a rate of over 10%.
Hunt said last month that the government recognized the need to increase defense spending and confirmed it would keep the defense budget to at least 2% of GDP, as stipulated by London’s NATO commitment.
Source: News Beast
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