UK Finance Minister Mulls Freezing Defense Spending at 2% GDP Until 2027, Reports Say

MOSCOW (Sputnik) - UK Chancellor of the Exchequer Jeremy Hunt is considering the possibility of freezing defense spending for the next five years to fill an estimated 40-billion-pound ($45 billion) gap in the public finances, The Times newspaper reported on Saturday.

UK Armed Forces Minister James Heappey said earlier this week that the government had no plans to cut defense spending and still intended to increase it to 3% of GDP by 2030, as outgoing UK Prime Minister Liz Truss promised. Defense Minister Ben Wallace, in turn, may resign if the new chancellor decides to cut defense spending, the Sky News broadcaster reported.

Hunt intends to keep defense spending at about 2% of GDP until 2026-2027, but he is also committed to increasing it significantly to hit the target of 3% by 2030, according to The Times. Reaching the 3% target will reportedly cost an additional 157 billion pounds over the next eight years.

Moreover, the decision to postpone the increase in defense spending will probably raise doubts about its feasibility, the newspaper expects.