UK finance minister Reeves to hand military $3.9B in budget boost

British finance minister Rachel Reeves will hand the UK government's armed forces a funding boost of almost 3 billion pounds ($3.90 billion) in the October 30 budget, Report informs referring to The Telegraph.

The Chancellor is set to announce an increase to the defense budget for next year in a move that will be welcomed by military chiefs.

Her decision will end fears that the defense will bear the brunt of the “difficult decisions” she says are needed to fix the public finances. It will mean the proportion of national wealth spent on the military will decline slightly but remain roughly stable at 2.3 percent of GDP.

Part of the extra cash is expected to be used to cover the £400 million a year cost of giving soldiers a six percent pay rise, backdated to April.

The money will also fund the purchase of weapons to replenish stockpiles that have been depleted by arms supplies to Ukraine.