UK promises to allocate £3 billion annually to support Ukraine

Oleh Pavliuk, Ivan Diakonov — Wednesday, 30 October 2024, 20:03

Rachel Reeves, UK Chancellor of the Exchequer, has presented her Budget to the UK Parliament, in which the government promises to increase defence spending and continue support for Ukraine.

Source: European Pravda

Details: Speaking in Parliament, Reeves emphasised that the UK expenditures significantly exceed revenues, which will lead to budget cuts and tax increases in certain areas. However, regarding defence, the Chancellor stressed that funding would be increased to meet the goal of 2.5% of GDP.

Quote: "I am announcing a total increase to the Ministry of Defence’s budget of £2.9 billion next year, ensuring that the UK comfortably exceeds our NATO commitments and providing guaranteed military support to Ukraine of £3 billion per year, for as long as it takes."

Details: Reeves added that the annual military support for Ukraine would be in addition to the £2.26 billion loan that is part of the Group of Seven agreement to utilise the proceeds from frozen Russian assets.

Background:

The UK government, led by Keir Starmer, Labour Party leader and Prime Minister, who came to power in July, had previously pledged to increase defence spending to 2.5% of GDP and strengthen its role within NATO.
In terms of support for Ukraine, the £3 billion figure was initially set for 2024 by the previous Conservative government under Rishi Sunak.

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