British Chancellor of the Exchequer George Osborne today pledged to meet the 2 percent NATO defense spending target and has guaranteed in real terms to increase defense spending in the U.K. over the next five years.
Making the announcement today as part of his first post-election budget – the first purely Conservative budget since 1996 – the chancellor, promised to maintaining the 2 percent spending every year until 2020. The pledge will likely be welcomed both by NATO and the U.S., who have both voiced concerns about the importance of meeting this target.
Osborne also announced a new £1.5 billion (€2.1 billion) …read more
Source: Newsweek
