Sir Keir Starmer has announced the UK will aim to spend 2.5 per cent of GDP on defence every year from 2027 and 3 per cent in the next parliament.
In a House of Commons statement this afternoon, the Prime Minister said the figure would mean a £13.4 billion increase in defence spending.
This would partially be paid for by a cut in international development spending from 0.5 per cent of gross national income to 0.3 per cent.
He told MPs: ‘One of the great lessons of our history is that instability in Europe will always wash up on our shores, and that tyrants like Putin will only respond to strength.
‘Russia is a menace in our waters, in our airspace, and on our streets.
‘They launched cyber attacks on our NHS, and only seven years ago, a chemical weapons attack on the streets of Salisbury.’
The PM pledged to hit the figure ahead of last year’s election, but has previously declined to place a firm timescale on it before the Strategic Defence Review is published later this year.
However, recent events have increased the pressure on the government to fix a date for the target to be achieved.
Ahead of his return to the White House last month, Donald Trump suggested that other Nato countries should aim to spend 5% of their GDP on defence – a massive jump for most members of the alliance.
He said: ‘We have a thing called the ocean in between us, right? Why are we in for billions and billions of dollars more money than Europe?’
The president’s recent talks with Russia over the war in Ukraine and his derogatory remarks towards Volodymyr Zelensky have raised concerns that the US may be reluctant to provide more support in a future conflict.
As a result, many European leaders are investigating how they can prepare in the event of further threats from countries such as Russia.
Currently, the UK spends around 2.3% of GDP on defence spending, according to figures from the House of Commons Library.
It is one of 23 Nato members – out of 32 total – that met the military alliance’s target of spending at least 2% of GDP on defence.
A commitment to 2.5% would require billions more at a tight time for public finances.
Other departments are bracing for painful cuts to spending to make way for it.
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