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For the financial year 2023–24, total government spending is expected to be £1,189 billion. [2] The UK government has spent more than it has raised in taxation since financial year 2001–02, [3] creating a budget deficit and leading to growing debt interest payments.
During his speech, Hunt confirmed that the Office for Budget Responsibility had predicted the UK would avoid entering recession during 2023, but that the economy would shrink by 0.2%. Economic growth of 1.8% was predicted for 2024, rising to 2.5% in 2025 then falling slightly to 2.1% in 2026.
[85] The Strategic Defence and Security Review 2015 committed to spending 2% of GDP on defence and announced a £178 billion investment over ten years in new equipment and capabilities. [86] [87] On 8 March 2023 Prime Minister Rishi Sunak announced a further £5bn in defence spending with a long-term goal of an increased spending to 2.5% of GDP ...
Brings UK military spending to 2.25% of GDP by 2025, says chancellor. For premium support please call: 800-290-4726 more ways to reach us
In 2023, 11 Nato countries met this pledge, including the UK, the US and Poland. The latest annual report from Nato Secretary General Jens Stoltenberg suggests that in 2024, this number is likely ...
That would mean that UK defence spending reaches around £87.1 billion in the year ending March 2031, some £23 billion higher than in the year ending March 2025.
The share of total expenditure, the average defence spending was 2.5 % in 2021 in the EU and 2.4% in the euro area. As a share of GDP the average was 1.3% in the EU and in the euro area. [1] Total defence expenditure of the European Defence Agency (EDA) Member States was €279 billion in 2023, which was 1.6% of the 27 EDA Member States’ GDP. [2]
The following lists are of countries by military spending as a share of GDP—more specifically, a list of the 15 countries with the highest share in recent years. The first list uses the Stockholm International Peace Research Institute as a source, while the second list gets its data from the International Institute for Strategic Studies .