John Healey to announce billions more for defence at budget

John Healey is set to announce billions of pounds in new defence investment in Wednesday’s Budget as the Conservatives demand he resign unless he commits to spending three per cent of GDP on the military by 2030.

The chancellor is expected to channel additional funding through the National Wealth Fund and British Business Bank, backing British defence manufacturers and military technology firms while seeking to boost domestic jobs.

The investment will be financed through long-term borrowing rather than spending cuts, the Sunday Times reported, with drone manufacturers and artificial intelligence companies among those expected to benefit.