The newspaper says at least £1.5 billion ($1.8 billion) more is expected to be allocated to the British military in 2024-25.
Amid soaring inflation, the UK is set to increase defense spending in 2024-25, the Telegraph reported. The newspaper said the conflict in Ukraine was among the reasons given by the UK Ministry of Defense when it argued for the Treasury hike.
In its Friday article, the newspaper claimed that the decision had already been made in principle, although the details had yet to be finalized. Final figures are expected by spring 2023, when Chancellor Jeremy Hunt could officially announce the increase.
According to The Telegraph, the British government is seeking to ensure that the defense budget does not fall relative to inflation.
“We will avoid a real cut in the defense budget,“, confirmed to the newspaper an anonymous source of the government.
While former Prime Minister Boris Johnson launched a major investment program in the British military in 2020 – the biggest since the end of the Cold War – the UK defense budget is still expected to fall in real terms between 2022 and 2024 due to soaring inflation. , the article noted.
Professor Malcolm Chalmers, deputy chief executive of the Royal United Services Institute’s military think tank, told the media that the defense budget is set to rise from £48.6bn to £50.1bn (£60bn). dollars) in 2024 to reach the government’s goal. . This would translate to at least £1.5 billion ($1.8 billion) of additional investment expected.
The Treasury’s reported acquiescence may be due to geopolitical concerns raised by the British government, particularly in light of Russia’s military campaign against Ukraine, the article notes.
Since late February when the conflict erupted, London has been one of kyiv’s staunchest supporters, supplying it with weapons and military training.
Last September, the British government pledged to spend as much or more than 2022 on military aid to Ukraine next year. According to the press release, Britain was “second largest military donorin Kyiv, having committed some £2.3 billion ($2.8 billion) at that time.
Russia, in turn, has consistently condemned Western arms supplies to Ukraine, saying they only serve to prolong the conflict. Moscow has also repeatedly warned that NATO member states are becoming increasingly involved in the conflict, which could potentially lead to a direct military confrontation with Moscow.