New UK Defence Secretary Wes Streeting has declined to commit to a 3% defence spending target of GDP by 2030, a goal previously championed by Chancellor John Healey. Healey had advocated for this target before his appointment as Chancellor, even resigning from a prior government role over what he perceived as insufficient defence spending. He had called for defence spending to reach 3% by the end of the decade, up from approximately 2.4% currently. This target would entail an additional $13.4 billion (£10 billion) beyond the existing budget for increasing defence spending to 2.68%.
Prime Minister Andy Burnham's government also appears hesitant to fully embrace Healey's proposals. While Burnham's office stated that Healey's appointment to the Treasury signals intent on defence, a spokesperson for Burnham clarified that "war bonds" – a funding mechanism Healey had suggested to raise money for the military – are not being considered. Healey's resignation letter had also highlighted a $5.9 billion (£4.7 billion) funding shortfall in Britain's new defence investment plan, a sum he is now tasked with addressing as Chancellor.
Despite the lack of a firm commitment to the 3% target, Streeting described Healey as a "firm friend" of defence, suggesting potential future support from the Treasury. He emphasized the Ministry of Defence's responsibility to justify its investments to taxpayers and other government departments, acknowledging the "sacrifices that involves from other Government departments, in terms of opportunity costs." Streeting also referenced Britain's international commitment to spend 3.5% of GDP on defence by 2035, indicating a long-term plan for increased military expenditure.
