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The second list is based on the 2024 edition of The Military Balance, published by the International Institute for Strategic Studies (IISS) using average market exchange rates. [2] The third list is a user-generated list of the highest military budgets of the current year, compiled from various sources.
The commitment is to raise spending as a proportion of GDP to 2.32% in the 2024/25 financial year, ... That would mean that UK defence spending reaches around £87.1 billion in the year ending ...
April 10, 2024 at 7:16 AM All members of Nato are signed up to an agreement to spend the equivalent of 2% of their gross domestic product (GDP) on defence per year.
On 23 April 2024, Prime Minister Sunak confirmed the UK would increase its defence spending to 2.5% of GDP by 2030. [ 45 ] On 16 July 2024, following their election victory in the 2024 general election , the newly elected Labour government of Keir Starmer announced the commencement of a new defence review.
The PM has promised to raise Britain’s defence spending to 2.5 per cent of the overall size of the economy (GDP), but has come under pressure to set out a timeline of when the UK will reach the ...
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. Average government spending per person is higher in Scotland, Wales and Northern Ireland than it is in England.
The commitment would take defence spending for 2028/29 from approximately 73.8 billion pounds to 78.2 billion pounds, partly funded by a previously announced plan to cut the size of the civil service.
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]