UK To Ramp Up Defense Budget By $6 Bln In Next Two Years - PM's Office

2023-03-13 01:03:48

(MENAFN- Trend News Agency) The British government will boost its defense spending by 5 billion pounds ($6 billion) during the next two years in light of the situation in Ukraine, the office of UK Prime Minister Rishi Sunak said in a statement on Sunday, trend reports citing tass .

According to the statement, the investment in defense will be announced in the 2023 Integrated Review Refresh to be available to read on Monday. Of this money, 3 billion pounds ($3.6 billion) will be spent on the defense nuclear enterprise, while the remaining funds will 'replenish and bolster our munitions stockpiles to replace items donated to Ukraine,' the statement reads.

Sunak will set out an ambition to ramp up his country's defense spending to 2.5% of GDP in the longer term from a little over 2% now, the UK prime minister's office said. At present, the Ministry of Defense budget amounts to 48.6 billion pounds ($58.4 billion).

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