Rachel Reeves, the United Kingdom’s chief financial minister, has announced a $3.7 billion increase to the U.K. Ministry of Defence’s budget in 2025, Breaking Defense reported Wednesday.
Reeves told lawmakers in a parliamentary speech that the budget increase would ensure that the U.K. provides Ukraine with military support “for as long as it takes.”
The higher defense funding comes after the U.K. announced a nearly $3 billion loan for Ukraine, backed by Russian frozen assets.
According to Reeves, the budget will enable the government to exceed its NATO commitments. A budget document approved by the financial minister stated that the new funding will sustain the U.K.’s “leading role in NATO, including through the nuclear deterrent, combat and surveillance aircraft, surface and submarine fleets, forward land forces, Special Forces, and cyber and space capabilities.”
Previously, the Conservative government committed to increasing defense spending to 2.5 percent of the country’s gross domestic product by the end of the decade.
The British government spent $69.8 billion on defense between fiscal years 2023 and 2024, amounting to 2.33 percent of GDP.
The Labour Party, which won the U.K. national elections on July 4, has yet to provide an exact timeframe for achieving a similar commitment. Reeves said the defense spending target will be met at a “future fiscal event.”