Rachel Reeves has announced that defence spending will increase to 2.5% of GDP because we are "living in an uncertain world". The chancellor adds that another £2.2bn will be provided for the Ministry of Defence in the next financial year. Report by Brooksl. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
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00:00Because we are living in an uncertain world, as the prime minister has set out, we will increase defence spending to 2.5% of GDP,
00:09reducing overseas aid to 0.3% of gross national income.
00:14This means we save £2.6 billion in day-to-day spending in 2029-30 to fund our more capital-intensive defence commitments.
00:23So today I can confirm that I will provide an additional £2.2 billion for the Ministry of Defence in the next financial year,
00:31a further down payment on our plans to deliver 2.5% of GDP by 2027.