Rachel Reeves said the Government will work with Ukraine for “as long as it takes”. The Chancellor of the Exchequer visited RAF Northolt and met Armed Forces personnel and suppliers sending equipment to Ukraine’s military to mark the occasion. She said the government was increasing defence spending to 2.5% of GDP in response to a changing world, funding the rise by cutting the aid budget. Report by Covellm. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
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NewsTranscript
00:00This government will work with Ukraine for as long as it takes. The world is changing.
00:12We can see that all around us. And that's why this government is stepping up to take
00:17defence spending to 2.5% of GDP, funded by a reduction in the aid budget. And we've
00:24just signed off the Extraordinary Revenue Acceleration Loan Agreement to be repaid by
00:30the profits on sovereign Russian assets to unlock £2.26 billion additional for Ukraine
00:38to help them fight this war after Russia's illegal invasion.
00:43This government's £2.26 billion loan is part of a G7 $50 billion loan with substantial
00:53support both from the United States and from the EU as part of that co-ordinated G7 effort.
01:00And it shows what the G7 can do when it puts its mind to it and works collectively to provide
01:06the support that Ukraine needs.