UK to set out path to NATO target in Wednesday's budget, PM says
The Budget is expected to outline how the government will fund a £10 billion annual increase to meet NATO defence targets by 2030.
- Ahead of Wednesday's Budget, Chancellor John Healey faces mounting pressure to fund a 3% defense spending target by 2030, with Conservatives demanding a credible plan to address growing threats to Britain.
- The Conservatives estimate reaching the 3% target requires an additional £10 billion annually, arguing the Government should fund this through welfare reforms, while Shadow Chancellor Andrew Griffith stated Mr Healey must "follow his own principles and resign" if he fails to provide a credible route.
- Data from the Office for Budget Responsibility estimates reaching 3% requires an additional £17.3 billion by 2029-30, while the cross-party defence select committee warned of "glaring gaps" in Britain's ability to confront adversaries in the Arctic.
- Prime Minister Andy Burnham insisted he is committed to military funding but stated he is adopting a "different approach" to welfare rather than making "crude cuts," while Defence Secretary Wes Streeting rejected Conservative criticism.
- Alongside the spending dispute, the Treasury plans a crackdown on overseas property tax evasion to raise more than £100 million, while the Government faces a decision on whether to align with the NATO pledge to hit 3.5% by 2035.
22 Articles
22 Articles
UK to set out path to NATO target in Wednesday's budget, PM says
British Prime Minister Andy Burnham said on Monday his finance minister John Healey would set out this week a plan to fully fund the government's existing defence commitments alongside a pathway to hitting a 2035 NATO spending pledge.
British Treasury Secretary John Healy is planning to announce an increase in defense spending by a few billion pounds, writes Times. British Treasury Chief John Healy intends to announce a multibillion-dollar increase in defence spending on Wednesday during the 2027 state budget submission, and he sends the RIA News with a reference to The Times. Additional funds will go to the British business bank and the National Welfare Fund. Some of these f…
Healey to unveil billions in defence spending as Tories demand he resign
John Healey is set to announce billions of pounds in new defence investment in Wednesday’s Budget as the Conservatives demand he resign unless he commits to spending three per cent of GDP on the military by 2030. The chancellor is expected to channel additional funding through the National Wealth Fund and British Business Bank, backing [...]
‘3% or resign’: Chancellor faces brutal Budget ultimatum over Britain’s defences
John Healey faces mounting pressure to fund a £10billion annual increase in defence spending as Conservatives demand a credible path to the 2030 target, amid warnings that Britain remains dangerously… The post ‘3% or resign’: Chancellor faces brutal Budget ultimatum over Britain’s defences appeared first on London Business News
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