Two sources have told Sky News that defence spending is the most likely of any budget to rise, with additional money for lethal aid for Ukraine and the potential for increases in other areas of defence in the face of the increased threat to NATO from Russia.
Boris Johnson could increase the defence budget within weeks, amid fears the fallout from the Ukraine crisis will cost the exchequer tens of billions of pounds.will deliver the spring statement on 23 March alongside the latest Office for Budget Responsibility forecasts, which are published twice a year.
The OBR is widely expected to upgrade its forecasts, giving the chancellor the option to increase public spending while staying within his limits, after the Treasury received almost £9bn more in tax receipts in January 2022 than the previous year. Two sources have told Sky News that defence spending was the most likely of any budget to rise, with additional money for lethal aid for Ukraine and the potential for increases in other areas of the defence budget in the face of the increased threat to NATO from Russia.Labour's shadow defence secretary John Healey told Sky News earlier he expects there to be a"big boost to defence" in the spring statement.
"The government must respond to increased threats and increased threats to our security in Europe," he told Trevor Phillips on Sunday.
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