Spending Review: Defence spending will rise to 2.6% of GDP by April 2027

Transcript

00:00As the Prime Minister said earlier this month, a new era in the threats that we face demands a new

00:06era for defence and security. That's why we took the decision to prioritise our defence spending

00:13by reducing overseas development aid, so that defence spending will now rise to 2.6% of GDP

00:20by April 2027, including the contribution of our intelligence agencies. That uplift provides funding

00:29my right honourable friend, the Defence Secretary, with £11 billion increased in defence spending

00:35and a £600 million uplift for our security and intelligence agencies. That investment

00:43will deliver not only security, but also renewal. In Aldermaston and Lincoln, in Portsmouth and

00:50Filton, on the Clyde and in Resyth, investment in Scotland, jobs in Scotland, defence for the

00:58United Kingdom, opposed by the Scottish National Party, delivered by this Labour government.

01:06And as we invest in our armed forces, our military technology and our supply chains, that also

01:12brings huge opportunities. £4.5 billion of investment in munitions, made in factories from Glasgow

01:21to Glascuaid, Stevenage to Radway Green, and over £6 billion to upgrade our nuclear submarine

01:28production, supporting thousands of jobs across Barrow, Derby and Sheffield. We will make Britain

01:36a defence industrial superpower, with the jobs, the skills and the pride that come with it.