NEWS: UK set to increase defence spending to 2.5% of GDP by 2030 - an increase of £75 billion.

Chief Secretary to the Treasury Laura Trott visited Wellington Barracks in Westminster today to explain what this means.

Today Prime Minister Rishi Sunak met with NATO Secretary-General Jens Stoltenberg in Warsaw.

They discussed the UK’s historic plan to steadily increase defence spending to 2.5% and fire up our national defence industrial production.

JUST ANNOUNCED: Defence Spending will rise by £75bn over the next 6 years.

With the world becoming more dangerous we can’t afford not to act. That’s why we’ll invest unprecedented amounts to give our Armed Forces a game-changing advantage.

🧵Find out what this £75bn will do:

The UK will spend 2.5% of GDP on defence by the end of the decade.

The Prime Minister has today announced an extra £75 billion for defence over the next six years, securing our freedoms and driving prosperity in a more dangerous world.

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Our support to Ukraine is unwavering.

We’ve announced an extra £500 million funding this year, and the donation is our biggest package of military equipment to date.

Record UK backing to help Ukraine kick Putin out, for good.

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The Chancellor has joined Prime Minister Rishi Sunak & Defence Secretary Rt Hon Grant Shapps MP in Poland as the UK announces a plan to increase defence spending to 2.5% of GDP by 2030.

It’s with an improving economy, that we're able to make this commitment to peace & security in Europe.

Today is a landmark moment in the defence of the United Kingdom.

We’ll spend an extra £75 billion in defence over the next six years.

▪️ Protecting our security and prosperity
▪️ Backing Ukraine for the long-term
▪️ Leading the way in European security

Ensuring Ukraine wins is the most important thing we can do for global peace and security.

That’s why we’re increasing our support - backing Ukraine with £500 million for military aid and delivering our largest-ever package of equipment.

#StandWithUkraine

“I am very proud that the relationship between the UK & the US is in such good shape.”

To wrap up his IMF Springs trip, the Chancellor spoke at the British Residence in Washington about the UK's economic strengths & the importance of working together to tackle global challenges.

As of this month, eligible working parents of 2-year-olds are now accessing 15 hours of childcare.

Over 195,000 more children are benefitting, giving their parents the flexibility to balance work and family life.

Click below to find out more on government-funded childcare ⬇️

We've pledged almost £12bn in overall support so far to Ukraine & last week we took action to crack down on Putin's ability to fund his war, hitting up to $40bn of Russian metal exports traded on global metal exchanges.

Jeremy Hunt met Sergii Marchenko to reaffirm our support.

✅ Continuing to support Ukraine
✅ Boosting productivity
✅ Growing the global economy

Yesterday the Chancellor Jeremy Hunt spoke to G7 Italy finance leaders about working together to address global challenges.

On Monday, I launched the Open Finance Taskforce as part of UK Fintech Week! 🚀 This industry-led initiative aims to harness financial data to enhance SMEs' access to credit, empowering businesses to thrive.

The UK is at the forefront of fintech innovation, attracting billions

Great to meet with Chancellor of the Exchequer Jeremy Hunt to discuss the UK economic and investment landscape while he’s in New York.

Chancellor Jeremy Hunt is in the USA where he’ll be meeting business leaders in New York & then attending IMF Springs meetings in Washington D.C.

He'll speak about how we're working to grow our economy, boost our world leading industries & encourage inward investment.

Hear from an economist from HM Treasury on what exactly a fall in inflation means for you.

'This comes on top of our cuts to national insurance, which save the average worker £900 a year, so people should start to feel the difference as well as see it in their pay cheques.”

The Chancellor responds to today’s Office for National Statistics (ONS) stats, which confirm that inflation has fallen to 3.2%.