What Happened
Healey Pledges Support for British Defence Firms in Reindustrialisation Push
UK finance minister John Healey is set to announce his support for defence firms as part of a new industrialisation drive to boost the nation’s economic growth. Healey, who previously resigned as defence minister over inadequate defence spending, will outline plans to invest in multi-billion pound defence projects, including three new floating docks for submarines in Scotland. The move is part of Prime Minister Andy Burnham’s pledge to reindustrialise Britain and meet a NATO target of increasing the core defence budget to 3.5% of GDP by 2035. This development was first reported by Reuters.