Andy Burnham vows John Healey's Budget will set out a path to 3% defence spending by 2030 on Wednesday
John Healey, who resigned as Chancellor in June demanding Britain reach 3% of GDP on defence by 2030, now says the timetable will wait for next year's spending review.
Chancellor John Healey is expected to route defence cash through the National Wealth Fund and British Business Bank in Wednesday's Budget, keeping it outside the fiscal rules. The Office for Budget Responsibility says hitting 3% would need an extra £17.3 billion in 2029-30. Healey had insisted the timetable would wait for next year's spending review. He quit as defence secretary over military funding earlier this year.
Babcock shares rose 2.6% and Rolls-Royce nearly 2% on news of the borrowing plan.
A More in Common poll found 57% back cutting benefits to fund defence, including 76% of Reform voters.
Labour now faces an investigation over its defence spending claims.
