UK boosts defence budget by 5.3%, but is this enough?
UK defence spending is set to reach £57.1 billion in the next financial year. (Photo: UK MoD/Crown Copyright)
The UK budget announced in Parliament on 30 October is the first by a Labour government in 14 years. While it sees a boost in defence spending, this comes in the face of fiscal challenges and the effects of inflation.
The UK government is to spend an additional £2.9 billion (US$3.8 billion) on defence in the next financial year as part of an effort to reach a target of spending 2.5% of GDP in the medium term.
The UK’s defence budget for the 2023/24 FY was £54.2 billion and this increase takes spending to £57.1 billion and 2.3% of GDP.
The budget is the first by a Labour government after 14 years of Conservative rule but does not include specific spending commitments as there is an ongoing Strategic Defence Review (SDR) which is expected to be completed in the first half of
Already have an account? Log in
Want to keep reading this article?
More from Defence Notes
-
![UK Chancellor commits £2 billion to make the country a “defence industrial superpower”]()
UK Chancellor commits £2 billion to make the country a “defence industrial superpower”
Rachel Reeves announced port upgrades, protected budgets for innovation and investment in novel technologies.
-
![Launch of Gilat Defense targets DoD market]()
Launch of Gilat Defense targets DoD market
The communications company Gilat launched its new Gilat Defense division at the Satellite 2025 expo, with future solutions aimed at US military customers.
-
![Collins MAPS Gen II to equip US DoD watercraft]()
Collins MAPS Gen II to equip US DoD watercraft
US services have already conducted multiple tests with military maritime systems fitted with the system.
-
![OCCAR expects substantial boost in programme numbers “in the coming months”]()
OCCAR expects substantial boost in programme numbers “in the coming months”
Europe’s Organisation for Joint Armament Cooperation (OCCAR) “has to establish itself…as a centre of excellence for cooperative Defence Equipment Programmes” in the face of growing threats and the need for rearmament, according to the organisation’s chairman.
-
![MBDA CEO emphasises “moment of truth” for Europe as company sees €37 billion backlog]()
MBDA CEO emphasises “moment of truth” for Europe as company sees €37 billion backlog
MBDA CEO Éric Béranger stressed the company’s role supporting European countries with complex weapon systems and focused on boosting production against the backdrop of “shifting” geopolitical alliances.
