Rishi Sunak, the UK Chancellor, has announced a significant increase in defence spending, putting the UK’s defence industry on a ‘war footing’. Sunak outlined three priorities for defence spending, including deeper stockpiles of munitions and radical reforms to procurement models. The £10bn investment in munitions aims to support British jobs and enhance defence capabilities.
However, critics have raised concerns about the feasibility of this plan. Torsten Bell from the Resolution Foundation thinktank highlighted the lack of budget planning for defence spending, while Ben Chu from Newsnight pointed out the financial challenges of increasing spending without raising taxes or borrowing more.
Despite the skepticism, Sunak’s plan has received support from various quarters. Mark Urban from Newsnight emphasized the importance of boosting defence spending to enhance national security, while former Prime Minister Theresa May endorsed the decision as vital for the UK and NATO alliance.
On the other hand, Labour’s shadow defence secretary, John Healey, questioned the Tories’ credibility in increasing defence spending given their past record. He emphasized Labour’s commitment to conducting a strategic defence review to address security threats effectively.
Overall, Sunak’s announcement has sparked a debate on the practicality and implications of increasing defence spending in the UK, with various stakeholders expressing their views on the matter.