Oct 29, 2018

Budget: Hammond says extra £1bn to be given to the MoD

The extra £1bn for defence comes on top of an £800m increase in the summer. It said at the time that the Ministry of Defence's budget should rise from 2% of GDP to 3%. The committee's report highlighted the "Black hole" in the existing MoD budget. Speaking after Mr Hammond's Budget speech, Defence Secretary Gavin Williamson said the extra funds represented a "Substantial financial boost". Among the defence programmes that will benefit from the extra cash is the UK's continuous at-sea deterrent Dreadnought. Mr Hammond said in his speech the extra defence funding was prompted by "Stark reminders in the past year of the scale, scope and complexity of the threats we face".

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