Britain will increasing its defence spending to 2.5 percent of GDP by the end of the decade, Prime Minister Boris Johnson has announced.
The pledge could amount to an extra £55.1 billion ($67 billion) cumulatively over the rest of the decade in order to reach the 2.5 percent goal in 2030, based on forecasts of the size of the economy by the Office for Budget Responsibility.
Speaking as the NATO summit in Madrid drew to a close on June 30, the prime minister said: “We need to invest for the long term in vital capabilities like future combat air whilst simultaneously adapting to a more dangerous and more competitive world….