DEFENCE spending will hit the 2.5 per cent of GDP target by the end of the decade, Rishi Sunak pledged today.
The PM unveiled a plan to hike the annual armed forces cash to £87billion by 2030 – a £23billion hike on the current budget.
Rishi Sunak will make the announcement during a press conference in WarsawThe Mega Agency
The Defence Secretary Grant Shapps visits British service personnel, who are currently deployed on Steadfast Defender in PolandUK MOD Crown copyright
He hailed the “biggest strengthening of national defence in a generation” to combat a new axis of evil comprising Russia, Iran and China.
Announcing the plan at crunch security talks in Poland, Mr Sunak said: “In a world that is the most dangerous it has been since the end of the Cold War, we cannot be complacent.
“As our adversaries align, we must do more to defend our country, our interests, and our values.”
“Today is a turning point for European security and a landmark moment in the defence of the United Kingdom.”
The PM outlined three key areas the extra cash will be pumped, including £10billion on munitions production, investing in modern warfare and boosting Ukraine support.
Gradually ramping up to spending 2.5 per cent of GDP is expected to cost an extra £75billion over six years.
Mr Sunak insisted the plan is “fully-funded” without any increases in borrowing or debt.
It includes almost £3billion from a 70,000-strong reduction in the civil service headcount.
The gradual rise will mean defence spending will reach £67.5 billion next year – which amounts to 2.35 per cent of GDP.
It will then rise to 2.38 per cent in 2026/27, 2.41 per cent in 2027/28, 2.44 per cent in 2028/29, 2.47 in 2029/30 and 2.5 per cent in 2030/31.
The announcement comes after months of pressure from MPs and ministers, who had hoped to see a rise in the March Budget.
Now urging other NATO members to match the pledge, the PM said the entire alliance budget would swell by a collective £140billion.
The expected rise will make the UK the fifth highest spender in Nato – behind only Estonia, Poland, the US, and Greece.
Mr Sunak is on a whistle-stop tour of Poland and Berlin for security talks in the face of Putin’s invasion.
Former Armed Forces Minister James Heappey wrote on social media: “This is enormous news and hugely needed in the Ministry of Defence.”
Mr Heappey alongside former Defence Secretary Ben Wallace had been extremely vocal about the need for a hike in defence spending.
Last month Mr Wallace claimed some in Government are “just hoping” threats to the UK “will go away”, while Mr Heappey warned the UK has failed to prepare for war as a “whole-nation endeavour”.