UK brings forward defense spending target, pledging billions to Ukraine

The U.K. has set out a target date for defense spending to rise to 3% of GDP, as the finance minister announced billions in aid for Ukraine in a "clear message to Moscow".John Healey on Wednesday set a target date of 2030 for the 3% figure, while reaffirming its NATO commitment to reach 3.5% by 2035.Healey, who resigned as defense minister under the previous government over insufficient spending, presented his first annual budget as finance minister and highlighted a "new era of threat"."Today we send a clear message to Moscow: Britain will stand with Ukraine for as long as it takes," he said as he announced an additional £10 billion ($13.3 billion) in economic and military support, based on loans, export finance guarantees, as well as £500 million in urgent military funding for this winter.The government will set out the details of how it will meet its defense spending targets at the spending review next year, Healey told lawmakers."As we look ahead to the spending review, we start from a position of strength, with spending at that higher base, there will be choices we have to make about priorities," he said."Today, I'm getting work underway to get there in a fiscally sustainable ...