UK DEFENCE BUDGET
01 September 2018
Where are we currently with the defence budget?
Identifying and measuring the UK defence spending budget can be a tough one, but luckily there are ways to find more realistic results e.g. Adjusting results for inflation. According to the findings of the House of Commons library, the UK had reached 5th place within the spending budget in 2016, which amounted to $53bn, compared to Russia reaching 3rd place with $59bn, and the US spending $605 bn at 1st place.
We weren’t too far behind, until we descended down to 7th place in 2017 with a current spending budget of only $47.2bn, with the US still in 1st place with $610bn, and Russia dropping down to 4th place with $66.3bn.
Our Defence Secretary: Achievements with our budget
With only £10.3bn spent on the military so far, and the MoD needing to find savings of £20bn by 2026, Gavin Williamson successfully gained an extra £800 million for our defence for 2018/19, but he’s not stopping there, as he is requesting up to £4 billion more annually, what an ambitious man. The Commons defence select committee has revealed that the defence budget should increase over 2% of GDP to 3%, which is up to £20 billion per year.
With our defence budget slowly booming, It’s only right that it balances out with NATO’s commitments. The UK has continued to spend at least 2% of National Insurance on defence, with it being the equivalent of 2.14% in 2017. When referring to defence expenditure, the UK is the third highest spending NATO member behind Greece (spending 2.32%), and the US (spending 3.58%)...Success!
Defence jobs in the civilian world
More than tens of thousands of individuals have secured jobs in the defence sector, in 2016 companies in this industry successfully turned over £23 billion and employed a whopping 142,000, which included 4,300 apprentices.
Ex-Forces that have served in the Royal Armoured Corps, Royal Artillery and Infantry have had the direct opportunity to work and understand this sector in great depth, but that doesn't mean the rest of you aren't capable. C’mon, get your foot through the door with defence jobs.
Want to take a look at our Civvy jobs in this sector? Click here
Also, check out our sector guide, tell us what you think.
Image: Crown Copyright 2018