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British Defense Secretary Ben Wallace is in favor of increasing the country’s military budget by 20%, from 8 billion pounds ($9.6 billion) to 11 billion pounds ($13.2 billion) in the next two years, The Times writes, citing sources.
According to the publication, the minister sent such a request to Treasury Secretary Jeremy Hunt. Wallace proposes this way to cover the costs associated with inflation, currency fluctuations and the increased cost of financing NATO and Ukraine.
At the same time, the Ministry of Finance does not want to increase funding, fearing that this will require significant cuts in other areas or tax increases, sources say.
A defense source told The Times that the additional funds are needed not to buy new equipment for the military department, but to maintain weapons in the state they are in now. “The Department of Defense is particularly prone to inflation due to the amount it spends on military equipment. The world has become much more dangerous. It’s time to invest,” the source said.
The Defense Department spends £14bn ($16.8bn) a year on equipment, so rising prices are taking a toll on the department. The inflation rate in the country at the end of 2022 was 9.2%.
Source: Rosbalt
Mario Twitchell is an accomplished author and journalist, known for his insightful and thought-provoking writing on a wide range of topics including general and opinion. He currently works as a writer at 247 news agency, where he has established himself as a respected voice in the industry.
