Defence: Investment

Treasury written question – answered at on 22 November 2023.

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Photo of Damien Moore Damien Moore Conservative, Southport

To ask the Chancellor of the Exchequer, what steps he is taking to encourage investment in the defence sector.

Photo of Laura Trott Laura Trott The Chief Secretary to the Treasury

The UK is committed to increasing investment in the defence sector to meet the challenges of an increasingly volatile and complex world. In the 2023 Integrated Review Refresh, the Government committed to an additional £5 billion to be provided to the Ministry of Defence over the next two years alongside the ambition to increase defence spending to 2.5% of GDP in the long term. The Government also works closely with the private equity and venture capital community to attract private investment in dual use technologies through the National Security Strategic Investment Fund (NSSIF) and nascent NATO Innovation Fund (NIF).

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