UK government plans to cover £4.7 billion shortfall in defence plan — Defense News

In the United Kingdom, Finance Minister John Healey said that the government plans to cover a shortfall of £4.7 billion, or $6.3 billion, in the Defence Investment Plan. To do this, it intends to revise the capital spending priorities of other government departments.

Funding the defence plan

As Defense News reports, Healey announced this while presenting his first budget in parliament. According to him, the government will fully fund the Defence Investment Plan, including through reallocating capital spending among Whitehall departments.

The British government views this plan as confirmation of the country's commitments to NATO. Healey also said that the authorities will conduct a detailed analysis of public spending to determine a mechanism for meeting the commitment to spend 3.5% of GDP on defence by 2035.

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Defence spending targets

A detailed plan for reaching 3% of GDP by 2030 and 3.5% of GDP by 2035 is to be presented during the spending review scheduled for next year. The finance minister also announced plans to use innovative financing mechanisms jointly with the private sector and international allies.

Healey, Prime Minister Andy Burnham, and Defence Minister Wes Streeting are under pressure over demands to increase defence investment more quickly. The Conservative opposition demanded Healey's resignation if the budget did not contain a convincing defence funding plan. In June, Healey left his post as defence minister in Keir Starmer's government because of, in his view, insufficient defence spending and a lack of funds to reach the 3% of GDP target by 2030.