Al-Falih: Total investments and agreements signed by Saudi, US companies account for $575 billion    Saudi Aramco announces 17 deals worth over $30 billion with U.S. firms at Saudi-U.S. Investment Forum    Crown Prince emphasizes enduring strength of historic and strategic relations in a cable of thanks to Trump    Saudi academics expand presence across leading US universities    Saudi Arabia, US reaffirm strategic partnership: Joint statement    Saudi Defense Ministry signs eight MoUs with US companies    Rikaz partners with PLP Architecture to launch a luxury tower combining premium hospitality and high-end residential living in Al Khobar    stc group partners with ROSHN Group to develop a neutral-host infrastructure for SEDRA communities    Trump signs bill ordering justice department to release Epstein files    Korean coast guard arrests helmsman who was on his phone when ferry ran aground    Daniel Radcliffe wrote supportive letter to new Potter cast    Ukrainian teen saboteurs recruited on Telegram to attack their own country    Trump says US will work to end Sudan war at Crown Prince's request    Two Miss Universe judges quit scandal-hit pageant    HONOR celebrates 5 years of empowering innovation and human-centric technology    UK to ban reselling event tickets for profit    Japan movie releases postponed in China after Taiwan row    From accidental athlete to Olympian: Rakan Alireza's unlikely road to the Winter Games    Riyadh Season 2025 draws 1 million visitors in 13 days    Athar Festival 2025 opens in Riyadh with record attendance, new creative streams, and Saudi-first innovations    The key to happiness    Sholay: Bollywood epic roars back to big screen after 50 years with new ending    Ministry launches online booking for slaughterhouses on eve of Eid Al-Adha    Shah Rukh Khan makes Met Gala debut in Sabyasachi    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Sunak pledges to boost UK defense spending to 2.5% of GDP by 2030
Published in The Saudi Gazette on 23 - 04 - 2024

British Prime Minister Rishi Sunak has promised billions more for defense to counter threats from "an axis of authoritarian states".
The prime minister said UK military spending would rise to 2.5% of national income by 2030, in a move that hardens a previous spending pledge.
He stressed the UK was "not on the brink of war" but claimed the extra money would put the country's defense industry "on a war footing".
Labour is also committed to a 2.5% target when economic conditions allow.
Labour's shadow defence secretary John Healey said the party "wants to see a fully funded plan" to reach this level, but he said the Tories had "shown time and time again that they cannot be trusted on defense".
He said Labour would review resources for the armed forces within a year of taking office, if it wins the general election later this year.
Making the defense announcement during a visit to Poland, Sunak said the UK was facing the most dangerous international environment since the days of the Cold War between the West and former Soviet Union.
He said the extra spending would put the UK's defense industry "on a war footing," although he stressed the UK was "not on the brink of war".
However, he argued the investment was required because authoritarian states such as Russia and China were showing a "new assertiveness" and were increasingly working together.
The prime minister said spending would rise "steadily in each and every year" before 2030. Downing Street said it would mean £75bn more for the military over the next six years.
It echoes a previous commitment made by former PM Boris Johnson, who promised in 2022 to raise spending to 2.5% of GDP by the end of the decade.
Sunak confirmed earlier the UK will provide an additional £500m for Ukraine this year, on top of £2.5bn already allocated.
He added that the UK could continue to provide "at least the current level of military support to Ukraine for every year it is needed".
The prime minister also argued the 2.5% target could set a "new benchmark" for NATO, whose target for members to spend 2% of GDP on defense is now a decade old.
The UK spent 2.07% of GDP on defense last year, according to the data, but says it plans to spend 2.3% this year, including resources given to Ukraine.
In total 11 of the 31 NATO members last year hit the 2% target, according to the transAtlantic alliance's estimates.
Poland was the top spender as a share of its economy, allocating 3.9% of GDP — more than twice the amount it had spent in 2022.
The US was in second place, spending 3.5%, although it is by far the biggest spender overall.
The announcement comes after increasing Tory pressure on defense following the budget in March, with two ministers publicly urging him to increase spending last month.
Downing Street said its 2.5.% commitment was "fully-funded" — but some experts have previously expressed skepticism over long-term targets.
Paul Johnson, director of the Institute for Fiscal Studies think tank, said the previous, vaguer promise to raise spending to 2.5% of GDP was "not worth the paper it's written on unless accompanied by some sense of how it will be afforded".
Last month, MPs on the Public Accounts Committee (PAC) warned the government currently lacked a "credible plan" to fund the MoD.
Last year the National Audit Office (NAO) said the Ministry of Defense was facing a £16.9bn black hole in its finances — despite an injection of £46.3bn over the next 10 years.
Sunak refused to rule out calling a general election in July when questioned earlier by reporters, repeating his previous comment that it would be "in the second half" of the year. — BBC


Clic here to read the story from its source.