Defence Min Jarvis, Chancellor Reeves and PM Starmer: Defense Plan provides additional £15B; Committing biggest-ever investment in dron

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