British Prime Minister Keir Starmer has announced a review of UK defence spending that aims to bring the UK’s armed forces into a ‘war-ready’ state, with a major military expansion programme and more spending on new equipment.
The new plan includes building 12 new nuclear-powered submarines and increasing production of drones, missiles and ammunition.
Starmer said that UK defence spending would rise to 2.5% of GDP by 2027 and suggested that this figure could rise to 3% of GDP in the next term of Parliament when economic and fiscal conditions allow.
Starmer’s investment plans in the sector have boosted BAE Systems (BA.UK) shares to new all-time highs today, extending the company’s steady upward trend. The political announcements have also boosted Rolls Royce (RR.UK) shares, which have also hit new highs.
BAE Systems stock quotes, D1 interval. The company’s stocks maintain an upward trend until the quotes break below the close zone of local lows of the consolidation area from the end of May and the 50-day EMA (blue line on the chart). Source: xStation
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