The Chancellor, John Healey, has set 2030 as the target date for defence spending to reach 3% of GDP. Earlier today Reuters reported that a date for 3% would be left to next year's Spending Review.
He told MPs in his Budget statement:
"At the spending review next year, the government will also set out the details of how it will meet its NATO commitment of spending 3.5% of GDP on defence by 2035, with a target date for 3% in 2030"
He added: "This is necessary for the security of the UK." The year-by-year path will still come at the Spending Review.
In August, Alliance News reported via Morningstar that the FT expected Healey to shelve the 3% by 2030 target at the Budget. The statement as delivered shows that did not happen.
Defence Eye reports that the Red Book plans defence spending of £77bn in 2028/29. That is £14.8bn more than the £62.2bn spent in 2025-26. Defence Eye says the Treasury documents give no figure for how much extra is needed to reach 3%.
CNBC reports a £2.5bn Rolls-Royce turbine technology partnership. CNBC and Tipp Insights report that the National Wealth Fund and British Business Bank will invest up to £5bn over four years in defence and dual-use technologies.