Chancellor to call for deeper cooperation on defence spending with European allies

Chancellor Rachel Reeves will tomorrow (Friday, 11th April) meet with EU finance ministers to call for deeper cooperation on defence financing 'in a changed world.'

Reeves will hold discussions at the informal ECOFIN meeting following an invitation from the Polish Presidency and call on the UK and EU to work closely together on defence financing to provide greater economic and national security.

Further cooperation between the UK and EU will help ensure that the UK Government's commitment to the biggest sustained increase in defence spending since the Cold War, as well as the additional £2.2 billion of defence funding for next year, delivers the technological edge our military needs.

This £2.2 billion will be invested in advanced technologies so that Britain's armed forces have the tools they need to compete and win in modern warfare. This includes guaranteeing the investment to fit Royal Navy ships with Directed Energy Weapons by 2027. These weapons can hit a £1 coin from 1 km away and take down drones at a distance of 5 km.

Last month, the government also announced that £1 in every £10 of the Ministry of Defence's equipment procurement would be spent on novel technologies, such as drones and AI, to spur on growth and opportunity for British companies. This increased defence spending could be worth an extra £11 billion to the British economy, supporting jobs across the UK and making our country a defence industrial superpower under our Plan for Change.

A Treasury source said:

“A strong economy needs a strong national defence. That is why the Chancellor will be travelling to Warsaw to make the case for deeper defence financing cooperation with our European allies so together we deliver greater economic and national security in a changed world.”