UK Chancellor of the Exchequer Philip Hammond and Defence Secretary Gavin Williamson have jointly confirmed the addition of an extra £800m towards the country’s 2018-2019 defence budget.

The UK Ministry of Defence (MoD) will have access to £600m for the Dreadnought submarine programme under the initiative, in addition to £200m that was previously agreed as part of the Supplementary Estimates.

UK Defence Secretary Gavin Williamson added: “This is a welcome boost to our Armed Forces, ensuring we can continue to back-up our national security with the ultimate capability.

“In a world of intensifying and evolving threats, we must strengthen and maintain our ability to seize opportunities and counter challenges as they emerge.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
“This is a welcome boost to our Armed Forces, ensuring we can continue to back-up our national security with the ultimate capability.”

“I have launched the Modernising Defence Programme to ensure we have the capabilities we need to keep Britain safe in an increasingly dangerous world.”

The £600m financing package has been withdrawn from the Dreadnought contingency fund, which was originally announced in 2015.

The funding is expected to make sure that work under the programme is carried out on schedule.

In addition, the extra funding will also ensure that the Dreadnought submarines are handed over to the service within the agreed £31bn budget, which was outlined in the 2015 Strategic Defence and Security Review.

Chancellor of the Exchequer Philip Hammond said: “Our commitment to defence and national security is unwavering.

“The UK’s defence budget is the highest in Europe and the second highest in Nato, and ensures Britain can continue to respond effectively to the ever-changing threats we face.

“We will continue to invest in our world-class Armed Forces, and this additional investment of £600m will ensure the UK is protected by the nuclear deterrent provided by the new Dreadnought fleet into the 2030s and beyond.”

The Dreadnought submarine will be designed to deliver a continuous at-sea deterrent and provide the country with round-the-clock protection.