Investors are bracing up for either tax hikes or more borrowing as Chancellor Rachel Reeves pledged to invest billions into Britain’s military, health and social security in her Spending Review on Wednesday (11 June).
Addressing the House of Commons, Reeves said defence spending including for security services is now set to rise to 2.6% of GDP by 2027, which will be funded by a cut in overseas aid budget. She also committed £39bn to social and affordable housing over the next decade, while on the nuclear side, the government proposed a £14.2bn investment bill to build the Sizewell C nuclear plant. UK to increase defence spending to 2.6% of GDP by 2027 as billions pledged There was also more cash for the National Health Service. This included a record investment set to increase day-to-day sp...
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