London | Britain will ramp up defence spending by £5 billion ($9 billion) in the next two years, as it replenishes military stockpiles sapped by the Ukraine war and prepares to develop AUKUS nuclear submarines.
UK military spending will hit 2.2 per cent of its GDP this year, and Prime Minister Rishi Sunak has set a new “aspiration” of lifting this to 2.5 per cent – the same figure that former PM Scott Morrison has said Australia must target to finance its own AUKUS submarines.
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Hans van Leeuwen covers British and European politics, economics and business from London. He has worked as a reporter, editor and policy adviser in Sydney, Canberra, Hanoi and London. Connect with Hans on Twitter. Email Hans at hans.vanleeuwen@afr.com
