Stockholm International Peace Institute’s annual report finds UK was region’s biggest spender in 2022 at $68.5bn
has surpassed that of the last year of the cold war, an annual report has found, as military expenditure across the world hit an all-time high of $2.24tn last year.
Germany’s military budget was the seventh largest in the world last year behind the US, China, Russia, India, Saudi Arabia and the UK, and further huge increases in expenditure are planned.The country established an extra-budgetary fund of $105bn last year, which will be used from 2023 to increase its armed forces’ military capabilities.
Europe as a whole, including Russia and Ukraine, increased its expenditure by 13% year on year, in what the Sipri report describes as “the largest annual increase in total European spending in the post-cold war era”. Dr Diego Lopes da Silva, a senior researcher with Sipri’s military expenditure and arms production programme, said 2022 was likely to prove to be just the start of mass rearmament.
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