UK Defence Spending to Rise to 2.5 Percent of GDP by the End of This Decade: Johnson

Prime Minister Boris Johnson holds a news conference at the end of the NATO summit in Madrid, Spain, on June 30, 2022. Stefan Rousseau /PA Media

Britain will increasing its defence spending to 2.5 percent of GDP by the end of the decade, Prime Minister Boris Johnson has announced.

The pledge could amount to an extra £55.1 billion ($67 billion) cumulatively over the rest of the decade in order to reach the 2.5 percent goal in 2030, based on forecasts of the size of the economy by the Office for Budget Responsibility.