Business Live with Ian King: What Rishi Sunak’s hike in defence spending will imply for the trade

Rishi Sunak has insisted his uplift in defence spending is "fully funded" after Labour branded the announcement a pre-election "gimmick".

The prime minister was requested by journalists whether or not he was not "entirely squaring with people" over how the rise in defence spending by 2030 will likely be funded – and whether or not it will contain "pain" for taxpayers.

But Mr Sunak, showing at a joint press convention with German Chancellor Olaf Scholz, mentioned that was not a "fair characterisation" and that his pledge was "fully funded".

Mr Sunak additionally confirmed that the UK’s defence spending would improve to 2.5% of GDP by 2030 to satisfy the "growing threats" posed by the likes of Russia, China and Iran

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