UK’s Wallace Seeks Greater Military Spending to Counter Inflation
- Defence secretary is in talks with chancellor ahead of budget
- British finance minister facing demands for Treasury largess
The UK currently spends about 2.1% of its gross domestic product on defense.
Source: Crown Copyright
This article is for subscribers only.
Defence Secretary Ben Wallace said he’s pushing the Treasury for more military spending at the UK budget in March to offset the country’s double-digit inflation.
Wallace said he met earlier this week with Chancellor of the Exchequer Jeremy Hunt to discuss the Ministry of Defence’s budgetary requests. At a news conference in Portsmouth, southern England, he acknowledged defence had been awarded a “significant settlement” in 2020 that runs until the 2024-25 financial year.