UK to provide £3 bn a year support to Ukraine for ‘as long as it takes’, finance minister says in budget speech – Firstpost #UKFinance

The United Kingdom’s Chancellor of the Exchequer, Rachel Reeves, on Wednesday (October 30) promised an annual 3 billion-pound support for Ukraine would continue for “as long as it takes”.

In her first budget speech, Reeves, the first woman finance minister of the country, said that the promise to maintain the annual military support to Ukraine came on top of a 2.26 billion pound loan.

That loan was provided as part of the G7’s Extraordinary Revenue Acceleration agreement to aid the country in its war against Russia. It was announced just last week.

Reeves also said that she would provide the defence ministry with an additional 2.9 billion pounds next year. The former Bank of England economist said the extra spending would take Britain towards its goal of allocating 2.5 per cent of its gross domestic product (GDP) towards defence. That would ensure the country meets the North Atlantic Treaty Organisation’s (Nato) requirement that member countries allocate at least 2 per cent of their GDP towards defence spending.
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With inputs from Reuters_