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Finance

UK's Starmer confirms plan to boost defence spending to 2.5% of GDP

Published by Global Banking and Finance Review

Posted on December 18, 2024

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LONDON (Reuters) - British Prime Minister Keir Starmer reiterated on Wednesday his Labour government's plan to increase defence spending to 2.5% of gross domestic product (GDP), after NATO called on members to boost spending to meet threats from Russia.

In an interview with LBC radio, Starmer was asked whether Britain would be willing to increase defence spending to 3% of GDP, but the leader repeated his government's position that it would plot a route to spending 2.5%.

"The commitment we've made is to set out a path to 2.5%," he said. Starmer has said his government will set out that path next year.

Last week, NATO head Mark Rutte warned the U.S.-led alliance that it was not ready for the threats it would face from Russia in the coming years and called for a shift to a wartime mindset, with much higher defence spending beyond the 2% target.

U.S. President-elect Donald Trump has called on NATO members to boost defence spending to 3% of economic output. The alliance estimates 23 of its 32 members will meet its target of dedicating 2% of GDP to defence this year.

(Reporting by Elizabeth Piper, Editing by Paul Sandle)