The Telegraph reported that Prime Minister Rishi Sunak's government will not halt the country's defense budget, but it will be reduced due to inflation. According to the newspaper, the British Treasury will announce next week that all departmental expenditures over the next two years will remain as previously agreed upon in the 2021 expenditure review.
It noted that the British defense budget in cash terms will increase from £47.9 billion in 2022 to £48 billion in 2023, and will reach £48.6 billion in 2024. However, current inflation rates are around 10 percent, leading to a deficit in the budgets for these years. The article stated, "Calculating these indicators means a real decrease in defense spending during these years."
The new Chancellor of the Exchequer, Jeremy Hunt, will present a medium-term financial plan for the government on November 17, which could announce tax increases and reductions in government spending, including defense spending, to cover the budget deficit.
