Chancellor relies on defence as OBR halves this year’s growth forecast to 1%
Chancellor Rachel Reeves is backing the UK to become a “defence industrial superpower” as she balances the need to drive economic growth in a changing world.
The importance of defence, one of the South West's largest sectors, was weaved through her Spring Statement, which gave no ground but rarely sought to expand on previous positions.
Defence spending, which had been due to rise £2.9bn next year, will increase by a further £2.2bn, Reeves said, taking it to 2.5% of GDP by 2027.
However the Office for Budget Respons... You can carry on reading TheBusinessDesk.com for free, but you have reached the maximum number of pages an unregistered user can view. To register for an account, click here or login below...
