The Chancellor has announced delivering his budget that he will provide the Ministry of Defence (MoD) with a huge £11 billion and will provide “£30 million to support veterans.”
Hunt told MPs in the House of Commons that over the next two years the MoD will receive £5 billion, with £11 billion to allocated over the next five years, bringing the total spending to nearly 2.25% of GDP.
The Chancellor also announced £33 million in additional funding “to support veterans” and said he is “proud” that the UK have provided Ukraine with “more military support that anyone else in Europe.”
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Hunt told MPs, “On Monday we were able to go even further, with Ben Wallace (Defence Secretary) announcing a £5bn package of funding for the MoD; an additional £2bn next year and £3bn the year after.
“Today following representations from Wallace I confirm we will add a total of £11bn to our defence budget over the next five years.
“It will be nearly 2.25% of GDP by 2025.
“We were the first large European funding to commit to 2% of GDP. We will now raise that to 2.5% as soon as fiscal circumstances allow.”
The Chancellor added, “We will provide a package of over £30m to support veterans with injuries returning from service and increase the availability of veterans’ houses.”
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