The Conservative Party says it would cut funding for green energy projects and redirect the money into defence, arguing the UK needs to be ready for war.
Party leader Kemi Badenoch says a future Conservative government would move £17bn into the military, calling defence the government’s top priority.
Badenoch said: "The next Conservative government will move funding from [Energy Secretary] Ed Miliband's vanity Net Zero projects and use it to back our military to accelerate their war readiness."
The party says a new Sovereign Defence Fund, backed by private investment, could mobilise up to £50bn.
Under the plans, £6bn would be moved from research and development to the Ministry of Defence, and £11bn from the National Wealth Fund would be redirected from clean energy projects to defence and national resilience.
"Look at their record: their time in office starved our forces of funding, drove down morale and left Britain less safe. They did it before, and they'd do it again," a Conservative party spokesperson said.
Labour has dismissed the proposals as “fantasy figures”, saying the Conservatives left the armed forces underfunded during their time in power.
The UK government has pledged to increase defence spending to 2.5% of gross domestic product (GDP) by 2027 and 3.5% by 2035, but the Conservatives argue this is too slow and are calling for spending to reach 3% by the end of the decade.
Under the proposals, the National Wealth Fund, launched last year, would be renamed the National Defence and Resilience Bank.
Originally set up to support economic growth and clean energy, its remit was expanded in March to include investments linked to the UK’s defence and security.
Meanwhile, Chief of the Defence Staff Air Chief Marshal Sir Richard Knighton said the pace of private investment in the defence industry was “painfully slow” and urged more young people to pursue careers in the sector.
Earlier this year, the government launched UK Defence Innovation, an organisation with an annual budget of at least £400m to invest in new technologies and boost jobs. However, a long-awaited defence investment plan, expected in the autumn, has been delayed.
Iran has released the first images of the casket of Supreme Leader Ayatollah Ali Khamenei ahead of his funeral scheduled for the 4th - 9th July, as au...
Monaco authorities have issued an arrest warrant and Interpol red notice for a suspect in a parcel bomb attack that injured three people, including Uk...
Mali has established a new state entity to oversee and regulate its rapidly growing artisanal gold sector, as authorities seek to curb smuggling and c...
The Democratic Republic of Congo (DRC) has reached a significant milestone in its fight against the Bundibugyo strain of Ebola, with the first patient...
Canada is hoping to unveil around 10 founding member countries for a proposed global defence bank at next week's NATO summit in Turkey, as Ottawa push...
NATO is adjusting to a shifting global security environment and the United States is not seeking to leave the alliance, Turkish Defence Minister Yaşar Güler told Reuters ahead of next week’s NATO summit in Ankara.
China has expanded export controls against 40 Japanese companies and institutions, adding 20 entities to its export control list and placing another 20 under heightened scrutiny in a move targeting Japan's defence and industrial sectors.
China’s anti-corruption authorities have launched an investigation into Bian Zhigang, a senior defence and space official, over suspected serious violations of discipline and law, officials said on Wednesday.
China has sanctioned Philippine Defence Secretary Gilberto Teodoro Jr. and his immediate family, banning them from entering mainland China, Hong Kong and Macao. Beijing says the move responds to repeated remarks by Teodoro that it claims have undermined China's sovereignty and bilateral relations.
A Russian couple climbed to the top of the Empire State Building and unfurled a banner urging world peace before, in an apparent elaborate marriage proposal that ended with their arrests.
Iranian and U.S. negotiating teams were due in Doha this week, but Iran said on Monday no meeting had been scheduled as weekend missile fire from both sides tested the interim ceasefire to end the four-month-old war.
Iran and the U.S. have concluded indirect talks in Doha without a major breakthrough, with discussions focused on maritime traffic in the Strait of Hormuz and frozen Iranian funds. Both sides are expected to meet again after the funeral of Ayatollah Ali Khamenei.
Negotiations between the U.S. and Iran mediated by Qatar in Doha have concluded, Iran's Deputy Foreign Minister, Kazem Gharibabadi has said.
On 1 July, President of the European Commission Ursula von der Leyen arrived in Azerbaijan on a working visit.
Monaco authorities have issued an arrest warrant and Interpol red notice for a suspect in a parcel bomb attack that injured three people, including Ukrainian-born businessman Vadym Yermolaiev, after CCTV showed the suspect placing a package before it exploded Monday evening.
Iran has released the first images of the casket of Supreme Leader Ayatollah Ali Khamenei ahead of his funeral scheduled for the 4th - 9th July, as authorities prepare for large public gatherings and heightened security concerns.
Mali has established a new state entity to oversee and regulate its rapidly growing artisanal gold sector, as authorities seek to curb smuggling and close significant gaps between officially recorded exports and the volumes reported by importing countries.
The Democratic Republic of Congo (DRC) has reached a significant milestone in its fight against the Bundibugyo strain of Ebola, with the first patient enrolled in a clinical treatment trial aimed at identifying effective therapies for the disease.
Canada is hoping to unveil around 10 founding member countries for a proposed global defence bank at next week's NATO summit in Turkey, as Ottawa pushes forward with an initiative aimed at strengthening allied defence capabilities through cheaper and more accessible financing.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment