Defence Funding
House of Commons · Written Statements · 30 Jun 2026 · 1 speech · Official Report
The first job of any Government is to keep people safe. Since I have been Chancellor, I have been clear that national security is central to our economic security, and we have invested record sums into defence. The Government have today confirmed an additional £15 billion for the defence investment plan between 2026-27 and 2029-30. That will mean this Government will be spending over £60 billion more on defence over the next four years than if spending were maintained in line with plans set out by the last Government in spring Budget 2024. This will move the UK towards warfighting readiness, modernise military capability to fight the wars of the future, and drive economic growth. The DIP document sets out investments in detail, totalling £298 billion over the next four years. From ’27-28 onwards, the UK will spend 2.7% of GDP on core NATO defence spending, solidifying its position as the NATO alliance’s third-largest cash spender, behind only the US and Germany. The Government have committed to increasing defence spending to 3% of GDP in the next Parliament, with funding and plans to be set out at the next spending review, where defence must be the No. 1 priority. Alongside NATO allies, the UK has committed to reach 3.5% of GDP on defence spending by 2035. The UK remains committed to meeting its obligations to the defence investment pledge. All allies will review the trajectory and spend in 2029, when NATO next reviews its capability plans. This is more money for UK defence,...