The Government are already making the largest sustained increase in defence spending since the end of the cold war; we plan to hit 2.6% of GDP being spent on defence in April 2027, and 3% in the next Parliament.
Britain faces a once-in-a-generation threat to our national security, as Putin’s war continues in Europe and uncertainty grows about the future reliability of the United States. Will the Secretary of State therefore take up the Liberal Democrats’ proposal that we issue time-limited defence bonds? That would allow the public to invest directly in modernising our armed forces, raise billions for new equipment, and ensure strong parliamentary oversight of how the money is spent.
I note the arguments that the hon. Gentleman and his party are now making, but it was just in autumn 2024 that the Lib Dems were calling for this Government to set a pathway to 2.5%. We went further than that, with the largest increase in defence spending since the end of the cold war, three years before he was calling for it. We have a plan to hit 3% in the next Parliament.
I appreciate what the Defence Secretary has just said, but with President Trump attempting to tear apart the international alliances that have kept us safe for decades, and with Putin waging war in Ukraine for almost four years, the world is changing fast. We need to come together as patriots to decide how we can best invest in the defence of our country as quickly as possible. Can I press him again to convene cross-party talks on how we can reach 3% of GDP on defence quickly, and will he ensure that defence bonds are part of the solution?
In the first instance, I would welcome support from the hon. Lady and her party for the fact that in this Parliament, we will invest £270 billion in defence to keep Britain safe and our alliances secure for generations to come. This is a Government who are delivering for defence, and delivering for Britain.