00:00And I can announce today that under the Defense Investment Plan, we are increasing this by a further 15 billion
00:06pounds, setting a new record of spending almost 300 billion pounds over the next four years to back our armed
00:15forces and strengthen our national security.
00:19Now, it's true to say there's been a huge focus on the numbers here.
00:24But let me take a moment just to set them out in a little bit more detail.
00:30Before we came into office, so two years ago, this country spent 54 billion pounds a year on defense.
00:39We are taking this to almost 80 billion pounds a year by 2029.
00:45That is a real terms increase of 27 percent.
00:50From spending 2.3 percent of GDP on defense in 2024, we are raising it to 2.7 percent,
00:57putting us on a trajectory to reach 3 percent in the next parliament.
01:01Let's see.
01:01Let's see.
01:01Let's see.
01:01Let's see.
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