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The Conservative Party has pledged to redirect funding from green energy initiatives to bolster defence spending, citing the need to fortify the nation’s readiness for potential conflicts.
Kemi Badenoch, a leading figure within the party, stated that a Conservative government would reallocate £17 billion to invest in the UK’s military capabilities, emphasizing that “defence of the realm must be the first priority of any government”.
Coupled with private sector investment, the Conservatives project that their proposed Sovereign Defence Fund could mobilize up to £50 billion for defence initiatives.
The Labour Party has criticized the Conservative proposals, labeling them “fantasy figures” and accusing the party of presiding over a “hollowed out and underfunded” armed forces during their time in government.
A Labour spokesperson stated: “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.”
The spokesperson added: “With Labour, the UK armed forces will see a record £270bn investment in this Parliament through our historic defence spending uplift.”
The current government has committed to increasing defence spending to 2.5% of gross domestic product (GDP) by 2027, and 3.5% by 2035.
However, the Conservatives are advocating for a more accelerated timeline, urging the government to commit to 3% by the end of the decade.
The Conservatives assert that the fund would be strategically invested in UK defence start-ups, aiming to reduce reliance on potentially hostile states within supply chains, while also facilitating the armed forces’ access to emerging technologies like drones.
Under the party’s proposals, £6 billion would be reallocated from the government’s research and development budget to the Ministry of Defence.
Additionally, the National Wealth Fund, which was launched by the government last year, would be repurposed as the National Defence and Resilience Bank.
The fund was initially established to invest in projects supporting economic growth and the transition to clean energy, but its remit was broadened in March to encompass investments in sectors vital to the UK’s defence and security.
The Conservatives have indicated that £11 billion from the fund, previously earmarked for “costly eco-projects,” would be redirected to defence, with the remaining funds allocated to national resilience initiatives such as water and transport infrastructure.
Badenoch stated: “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.”
She added: “We must ensure our armed forces are equipped and ready to defend our country.”
The Conservative leader further commented: “In the face of growing threats we should be investing more in defence, yet all we see from this Labour government is heel dragging and vague promises.”
A recent report by Members of Parliament cautioned that the UK was “nowhere near” adequately prepared to defend itself and its allies in an era of escalating global threats.
The Commons Defence Committee highlighted the UK’s over-reliance on the United States and insufficient investment in its own security infrastructure.
Earlier this week, the head of the military emphasized the need for more citizens to be “ready to fight for their country”, given the potential for confrontation with Russia.
Chief of the Defence Staff Air Chief Marshal Sir Richard Knighton also noted that the rate of private investment in the defence sector was “painfully slow,” and that greater efforts were needed to encourage young people to pursue careers in the field.
Earlier this year, the government launched UK Defence Innovation, an organization with an annual budget of at least £400 million, to invest in emerging technologies and stimulate job creation within the defence industry.
However, a comprehensive defence investment plan, initially anticipated in the autumn, has been postponed.
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