John Healey Sets UK Defense Spending Target at 3% by 2030

UK Chancellor John Healey announced a new defense spending target to reach 3% of GDP by 2030 during his first annual budget. Speaking before the House of Commons, Healey reaffirmed a NATO commitment to increase spending to 3.5% by 2035, noting that next year's spending review will outline the specific pathway to meet these goals.

Healey confirmed he has filled a £4.7 billion deficit in the Defense Investment Plan introduced earlier this year. This funding increase aims to address the resource gap that led to Healey's resignation as defense secretary four months prior.

As part of the budget, the government pledged £10 billion in economic and military support for Ukraine, which includes £500 million in urgent funding for the current winter. To bolster the national defense industrial base, the government will deploy up to £5 billion through the National Wealth Fund and British Business Bank into defense and dual-use technologies over the next four years. Additionally, the UK will invest £2.5 billion in a partnership with Rolls-Royce to develop next-generation turbine engine technology.