Increase defence spending by 0.15% of GDP per year, until it reaches 3.5% of GDP

Summary

We believe the UK should allocate an additional 0.15% of GDP per year to the defence budget, until it reaches 3.5% of GDP, set a clear plan for doing so, and implement that plan as soon as possible. Both the current and previous administration promised increases in defence spending to 2.5% of GDP. We think these commitments haven’t been backed up by clear plans. Given the current climate in geopolitics, we think that this 2.5% figure is too low, and that Great Britain must rearm.

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