Defence Spending

Jeremy Quin Excerpts

Wednesday 24th April 2024 Commons Chamber

[Mr Speaker]

I call the Chair of the Defence Committee.

[Sir Jeremy Quin (Horsham) (Con)]

My right hon. Friend is right to say that we are continually asking more of our armed forces, as the Defence Committee’s recent report made clear. In that context, I greatly welcome the announcement and the increased investment. We want it to unleash a triple whammy in which our industrial partners also seize the opportunity to invest heavily in capital equipment and R&D, and in which our NATO allies see this as a new benchmark to which those who do not already can aspire and meet. What are we doing to ensure that we not only make the investment but achieve that triple whammy?

[Grant Shapps]

My right hon. Friend the Chair of the Defence Committee is absolutely right on the investment point. I spoke to my opposite number, US Defence Secretary Lloyd Austin, yesterday evening about how it will help to galvanise NATO in particular to make greater investment. When we go to the NATO summit in Washington for the 75th anniversary, the new baseline will be 2.5%, rather than the 2% one set by the UK in 2014, which 18 or so of NATO’s 32 members have now reached. That investment sends a very important signal to the whole defence industrial base. That is why it is critical to set out the plan and stick to it, and agree to reach 2.5% by 2030.