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
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