According to the Stockholm International Peace Research Institute (SIPRI Fact Sheet), released on April 22, the UK remained the largest military spender in Europe in 2023. At $74.9 billion, its spending was 7.9% higher than in 2022.
The UK, standing tall, secured the 6th position globally in military spending, trailing only behind Saudi Arabia, a testament to its global influence and commitment to defense.
Military States
Global military spending rose in 2023 to a record level of around $2.443 trillion. Of this volume, the United States accounted for 37%, while European countries accounted for 24%.
The UK is sixth in the SIPRI ranking of countries with the highest military expenditure worldwide.
However, the growing political importance of the arms industry and the burgeoning defense budget come at the expense of tax revenues that would otherwise go to civil needs such as welfare, health, and education.
The Costs of Military Spending
Global military expenditure continues to surge, and most of this spending is done by Western countries. According to the SIPRI report, in 2023, the United States was responsible for around 37% of the $2.443 trillion in global military spending, or $916 billion.
Also, the UK was responsible for around 3.1% of the global military spending, or $74.9 billion.
Other countries closely allied with the West include, for instance, Japan and South Korea, which occupy 10th and 11th place, respectively, with $50.2 billion and $47.9 billion. At the same time, Australia ranked 13th with $32.3 billion.
Notably, the collective military spending of NATO member states, a testament to the strength of this alliance, amounted to a staggering $1,341 trillion US dollars, constituting 55% of all military expenditure worldwide.
Read: The UK & NATO Warning of Possible War with Russia
Europe Driving the Arms Race
The role of the West, mainly Europe, as a driver of the global armaments surge has been visible for some time.
Thus, according to SIPRI’s data, US military spending increased by 9.9% between 2014 and 2023, the UK’s by around 14% over the same period, and Europe’s by as much as 62%.
Moreover, European nations hold a commanding position in the global arms trade. For instance, France emerged as the 2nd largest arms exporter worldwide in the five years from 2019 to 2023, with Germany, Italy, and the UK following closely in 5th to 7th places.
Regarding arms imports, Europe was also the only major region to see an increase in volumes in the four years from 2019 to 2023. Indeed, it was a giant leap, climbing by a remarkable 94% in the four years from 2014 to 2018.
Importance of the Arms Industry Regarding UK’s Military Spending in 2023
The massive arms race ongoing in the West requires cooperation with defense corporations.
In the UK, there is BAE Systems. Its 2023 revenue hit £23.1 billion.
It plays an important role in the UK’s military aircraft production, Typhoon Fighter. It is also developing a sixth-generation jet fighter aircraft known as Tempest.
Additionally, BAE makes an M2/M3 Bradley fighting vehicle, the British Army’s Challenger 2 main battle tank, and other weaponry.