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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]
The UK's rate of inflation was predicted to fall to 2.9% by the end of 2023, down from 10.7% in the final three months of 2022, while underlying debt was forecast to be 92.4% of GDP in 2023, rising to 93.7% in 2024.
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
An additional £6 billion investment was announced as part of the 2023 budget for a total investment of £11 billion to be made over the next five years. The government stated its ambition was to raise defence spending from 2.2% to 2.5% of GDP "once fiscal and economic conditions allow". [44]
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.
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 ...
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]
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