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Written Question
Defence: Finance
Wednesday 27th March 2024

Asked by: Giles Watling (Conservative - Clacton)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what estimate he has made of when defence spending will reach 2.5% of GDP; whether he has made an assessment of the potential merits of raising defence spending to 3% of GDP; and if he will have discussions with the Leader of the House on finding time to debate the Early Day Motion in the name of the hon. Member for Clacton, number 455, on Future defence spending.

Answered by Laura Trott - Chief Secretary to the Treasury

The government has consistently prioritised defence spending. The Ministry of Defence was the first department to get certainty on its budgets in this Parliament. This settlement was the largest sustained spending increase in defence since the end of the Cold War, with a £24 billion uplift in cash terms over the four-year period. In March 2023, we also provided an extra £11 billion for defence and national security priorities over the next five years, with £4.95 billion over the next two years.

The government’s aspiration over the longer-term is to invest 2.5% of GDP on defence, when the fiscal and economic circumstances allow.


Written Question
Banks: Livestock Industry
Monday 15th January 2024

Asked by: Giles Watling (Conservative - Clacton)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether he is taking steps to prevent banks from providing (a) financial and (b) investment support to industrial livestock companies that contribute to deforestation.

Answered by Bim Afolami - Economic Secretary (HM Treasury)

The Government is committed to working with UK financial institutions to further tackle deforestation-linked finance. As we set out in the updated Green Finance Strategy, we have begun this work with Government-convened roundtables having commenced in Summer 2023.

The global approach on disclosure standards, such as the International Sustainability Standards Board (ISSB) or the Taskforce on Nature-related Financial Disclosures (TNFD) is a vital condition for success in improving nature-related disclosure.

Following the making of the first relevant regulations under paragraph 1 of Schedule 17 of the Environment Act and as set out in the Financial Services and Markets Act 2023, HM Treasury will conduct a review to assess the extent to which regulation of the UK financial system is adequate for the purpose of eliminating the financing of illegal deforestation, and to consider what, if any, changes to the regulatory framework may be appropriate.


Speech in Commons Chamber - Tue 15 Nov 2022
Oral Answers to Questions

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Speech in Commons Chamber - Tue 15 Nov 2022
Oral Answers to Questions

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Speech in Commons Chamber - Tue 17 May 2022
Oral Answers to Questions

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Speech in Commons Chamber - Tue 17 May 2022
Oral Answers to Questions

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View all Giles Watling (Con - Clacton) contributions to the debate on: Oral Answers to Questions

Speech in Commons Chamber - Tue 15 Mar 2022
Oral Answers to Questions

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Speech in Commons Chamber - Tue 25 Jan 2022
Downing Street Parties: Police Investigation

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Speech in Commons Chamber - Tue 25 Jan 2022
Downing Street Parties: Police Investigation

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Speech in Commons Chamber - Wed 12 May 2021
Better Jobs and a Fair Deal at Work

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View all Giles Watling (Con - Clacton) contributions to the debate on: Better Jobs and a Fair Deal at Work