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Wes Streeting, Labour’s Defence Secretary, revealed at a Fabian Society event during the Labour Party Conference that the party is avoiding setting a specific date for reaching the NATO target of 3% of GDP on defence spending to prevent market instability and increased borrowing costs. Currently, the UK aims to raise its defence expenditure to 2.7% by 2027-28 but has not committed to meeting the 3% goal by 2030, citing concerns over public debt levels and financial management responsibilities.
Written locally by qwen2.5:14b on 2026-09-27,
using this article's own text rather than the other coverage of the
same event (that is the story summary below).
Story summary
Labour's Defence Secretary Wes Streeting admitted that the party is avoiding setting a specific timeline for reaching NATO's defence spending target of 3 percent of GDP to avoid spooking financial markets. This comes as the UK government has already planned to increase its defense budget to 2.7 percent by 2027-28, aligning with NATO’s broader goal of committing 3.5 percent of national income on defense by 2035. Streeting emphasized during a Labour Party Conference event that setting such a timeline without outlining the steps needed to achieve it could drive up borrowing costs at a time when they are already high due to recent economic turmoil and the International Monetary Fund's call for reducing debt levels.
Written for “UK Defence Spending Target” on 2026-10-05,
grounded in this article and the 0 other(s) covering the same event.
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Labour is deliberately refusing to say when defence spending will hit a target of 3 per cent of GDP to avoid spooking the markets, Wes Streeting admitted today.
asserted
Streeting → see → markets
The Defence Secretary said that setting an arbitrary date without showing how it was to be achieved would increase the cost of borrowing when it is already high.
asserted
it → say → borrowing
The UK has promised to commit 3.5 per cent of national income on defence by 2035, in line with a pledge by Nato members.
asserted
UK → promise → members
The Government has budgeted to hike defence spending to 2.7 per cent by 2027-28, but Andy Burnham and his ministers have refused to say if another target of 3 per cent by 2030 will be hit.
asserted
target → budget → 2030
Government borrowing costs have soared in recent weeks, with the yield on UK gilts hitting the highest levels since the 2007 financial crisis, and the head of the International Monetary Fund said the UK must cut borrowing and reduce debt levels.
asserted
UK → soar → levels
Speaking at a Fabian Society event at the Labour Party Conference today, Mr Streeting said: 'I understand the temptation to say ''why won't you set out 3 per cent by a date now?''
asserted
you → speak → date
'Well John Healey has another set of responsibilities alongside his duty to national security, which is his duty to balance the books and manage the public finances responsibly.
asserted
which → have → finances
The Defence Secretary said that setting an arbitrary date without showing how it was to be achieved would increase the cost of borrowing when it is already high
He told a Labour conference event: 'John Healey has another set of responsibilities alongside his duty to national security, which is his duty to balance the books and manage the public finances responsibly'
asserted
which → say → finances
'If tomorrow he were to set out a specific date and deadline without showing how we would pay for it, the only consequence would be that the cost of borrowing goes up.
asserted
cost → set → borrowing
'When you have a public debt liability that we have in this country you just set yourself back.'
asserted
you → have → yourself
He said that the public would have to wait for the Budget and the next spending review to find out more.
asserted
public → say → more
There is a growing public clamour from former military leaders and opposition politicians for the government to show how and when it will increase spending on the UK's Armed Forces.
asserted
it → be → Forces
Earlier this month Mr Burnham rejected calls to divert money from benefits, saying national security 'can't come at the expense of social security'.
asserted
security → reject → security
Mr Streeting also appeared to rule out a future Labour leadership bid in the near future, saying 'that ship has sailed.'
The former leadership contender said 'I have zero regrets' over resigning from Sir Keir Starmer's Cabinet.
'
asserted
I → appear → Cabinet
It's not how I wanted Keir's premiership to end,' he said, but added: 'But I think it was necessary, and I do feel a sense of vindication in terms of how things have unfolded since.
asserted
things → want → terms
'I am, for the first time since I was probably about 15 years old, not running to be leader of the Labour Party, and it's quite a liberating position to be in.
asserted
it → run → Party
Asked if that was just the case 'for now,' he said: 'No, that ship has sailed.'
asserted
ship → ask → ?
He rejected that he had done any kind of deal with Mr Burnham to get his defence post.
asserted
he → reject → post
'I didn't ask for a job.
asserted
I → ask → job
I didn't lobby for a particular job, and I certainly didn't do a deal for a job with Andy,' he said.
asserted
he → lobby → Andy
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