According to the latest edition of Military Balance, Britain has the second highest defence budget in Europe behind France and the fifth highest in the world, with the US followed by China and Russia occupying the top three places.
Last month, it was reported that the Ministry of Defence was drawing up a package of "radical" cost-saving measures, including mothballing almost half of Britain's fleet of 44 warships, to cut its budget deficit.
UK defence budget up over 50 per cent under Blair London, Feb. 2, IRNA UK-Defence Budget Britain's defence budget has increased by more than 50 per cent since Prime Minister Tony Blair first came to power in 1997, according to official figures.
The figures, released by Defence Minister Adam Ingram in a written parliamentary reply published Friday, shows that the defence budget of Pnds 33.5 billion (Dlrs 66 bn) for 2007/08 is nearly Pnds 12 bn more than 10 years ago when it was Pnds 21.8 bn.
By far the biggest annual increase came in the lead up to the Iraq war, when it jumped by Pnds 5.7 bn to Pnds 29.3 bn in 2002/03 from Pnds 23.6 bn in 2001/02.
According to the latest edition of Military Balance, Britain has the second highest defence budget in Europe behind France and the fifth highest in the world, with the US followed by China and Russia occupying the top three places.
Last month, it was reported that the Ministry of Defence was drawing up a package of "radical" cost-saving measures, including mothballing almost half of Britain's fleet of 44 warships, to cut its budget deficit.
It was further suggested that the ministry would have to find savings of a further Pnds 1 billion by 2008 to ensure the department meets its annual spending target.
