British Defense Secretary Ben Wallace supports a 20% increase in the country’s defense budget from £8bn ($9.6bn) to £11bn ($13.2bn) over the next two years. In his opinion, this will cover the costs caused by inflation, fluctuations in exchange rates and funding for NATO and Ukraine. The newspaper reported The Times with reference to sources.
According to the publication, Ben Wallace made a similar request to Treasury Secretary Jeremy Hunt. The department does not support the idea of the Ministry of Defense. They fear that the initiative will require cutting spending on other areas or raising taxes.
According to the source of the newspaper in the Ministry of Defense, the increase in funding is necessary in order for the department to be able to maintain military equipment in good condition. “The Department of Defense is particularly prone to inflation due to the amount it spends on military equipment. The world has become much more dangerous. It’s time to invest,” he said.
In December 2022, inflation in the UK reached 10.5%, which is why the Bank of England raised its key rate to 4%. The Defense Ministry spent £14bn on military equipment last year, The Times notes.
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