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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.
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
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.
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 ...
An extra £2bn announced for schools for both 2023‑24 and 2024–25. [19] Equivalent funding announced for devolved governments in Scotland, Wales and Northern Ireland. [19] Defence spending to remain at 2% of national income. [19] Spending on overseas aid to be kept at 0.5% of national income, below the official 0.7% target. [19]
Gov.uk – PM announces ‘turning point’ in European security as UK set to increase defence spending to 2.5% by 2030 Gov.uk – Our committment (sic) to 2.5% of GDP in 2030 ( archived ) Gov.uk ...
[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 ...
Underinvestment in the UK military is something Government should take “seriously”, warns former head of the Army, General Lord Richard Dannatt UK must increase its defence spending after ...