PM Starmer: - We will be spending £80B a year on defence by 2029 - Defence plan delivers decisive action needed within fiscal rules and is fully costed - It is funded by reallocating spending from across government department - Europe must take more responsibility for its defense - Defence bonds would be borrowing by another name (war bonds) - Some capital projects on roads and energy will no longer go ahead as planned - More borrowing would push interest rates further up - We are raising defense spend of GDP to 2.7% putting us on a trajectory to reach 3% in the next parliament - Defence Investment Plan (DIP) published today takes us to 4.2% of GDP - Higher spending means reducing non military spending on civil service staff for example - We are investing in long range missiles, armored vehicles - **Note: NATO target of spending 3.5% of GDP on defence by 2035 - Starmers UK manifesto-related commitment was to reach 2.5% of GDP on defence by 2027
10:06:24 AM UTC
SquawkNews
Can announce we are creating a new £50B export facility - Renewing our commitment to Tempest with an £8.6B investment under GCAP - Bringing investment in renewing nuclear deterrent to £64B - Will acquire 12 F-35A fighter jets - Defence plan is enough to deter Russia
12:20:00 PM UTC
SquawkNews
**Consensus expectations: - M/M: +0.4%e v -0.1% prior - Y/Y: 0.9%e v 0.4% prior Recent comments: - On Jun 24th Bank of Canada (BOC) Summary of Deliberations (June Minutes); Economy was 'not clearly in recession' despite two quarters of contraction; Leaving rates unchanged balanced risks of inflation and weak growth - On Jun 10th Bank of Canada (BOC) left Interest Rates unchanged at 2.25% (as expected) for its 5th straight pause under the current phase of its easing cycle. Statement noted if U.S imposed significant new trade restrictions,might need to cut rates. Would be watching closely for evidence of a broadening in price pressures. For now, holding rates unchanged balanced the risks **Insight: BOC has cut Interest Rates eight times in the current easing cycle by a total of 275bps. The last cut was in Oct 2025 - The last rate hike was back in July 2023
PM Starmer: - - We will be spending £80B a year on defence by 2029 - - Defence plan delivers decisive action needed within fiscal rules and is fully costed - - It is funded by reallocating spending from across government department - - Europe must take more responsibility for its defense - - Defence bonds would be borrowing by another name (war bonds) - - Some capital projects on roads and energy will no longer go ahead as planned - - More borrowing would push interest rates further up - - We are raising defense spend of GDP to 2.7% putting us on a trajectory to reach 3% in the next parliament - - Defence Investment Plan (DIP) published today takes us to 4.2% of GDP - - Higher spending means reducing non military spending on civil service staff for example - - We are investing in long range missiles, armored vehicles - - Can announce we are creating a new £50B export facility - - Renewing our commitment to Tempest with an £8.6B investment under GCAP - - Bringing investment in renewing nuclear deterrent to £64B - - Will acquire 12 F-35A fighter jets - - Defence plan is enough to deter Russia - - **Note: NATO target of spending 3.5% of GDP on defence by 2035 - - Starmers UK manifesto-related commitment was to reach 2.5% of GDP on defence by 2027
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