FT estimated Britain's defense spending to meet NATO targets at $1.1 trillion

The UK government will need to raise $1.1 trillion to finance defense projects and strategic infrastructure by 2040 in order to achieve NATO's goals, the Financial Times (FT) reported on December 29, citing a report by the consulting company EY Parthenon.

"New defense priorities are changing the country's investment agenda," said Mats Persson, CEO of EY.

According to EY, in order to achieve the NATO funding target of 5% of gross domestic product (GDP), the UK needs to raise an additional $1.1 trillion to finance projects for which currently no funds have been allocated. According to the report, their cost will amount to 41% of the cost of all currently unfunded projects.

Such projects include: construction of new barracks, ammunition factories and financing the construction of naval bases. In addition, it is necessary to increase investments in the design and construction of railways and highways, as part of increasing the mobility of the British Armed Forces and the sustainability of logistics chains, both within the country and throughout the NATO bloc.

Break up the alliance: Russia will react to Ireland's possible entry into NATO

The discussion on renouncing non-aligned status resumed after Zelensky's visit to the country.

On November 1, former Chief of the General Staff of the British Armed Forces, Nicholas Houghton, announced the need to increase defense spending. According to him, London risks being in a vulnerable position if it continues to prioritize social benefits over security.

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