00:00For 14 years, Conservative Governments hollowed out and underfunded our armed forces.
00:07And I'm proud to be part of a Labour Government that has made the biggest increase in Defence spending since
00:13the end of the Cold War.
00:15This year, our Defence Budget is £14 billion higher than it was in the Conservatives last year of Government.
00:24And at the Spending Review next year, I confirm that I will set out the details of how we will
00:32meet our NATO commitment to spend 3.5% of GDP on Defence by 2035, with a target date for
00:403% in 2030.
00:43And today, I'm getting work underway to get there in a fiscally sustainable way.
00:49That will include looking hard at public spending, as I have done today to fund Defence Investment Plan.
00:56But I'm also determined to use more innovative financing alongside the private sector and our international allies.
