The UK government’s decision to lift defense spending to 2.5% of GDP from 2.3% from 2027 is expected to mean an extra £6.4 billion ($8.4 billion) that year, boosting British military equipment manufacturers and suppliers. Babcock is investing billions in refurbishments and BAE Systems said last month it was ready to step up capital investment beyond the £1 billion it spends annually. Bloomberg’s Jamie Nimmo reports.
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