Britain's defense budget gets $1 billion boost from Treasury

LONDON - An extra $1.125 billion is to be given to Britain's Ministry of Defense (MOD), it was announced Thursday in a joint statement by British Chancellor of the Exchequer Philip Hammond and Defense Secretary Gavin Williamson.

The funding will include access to $844 million to ensure Britain's new world-class nuclear submarines are delivered on time and within the $43.6 billion budget agreed in the Strategic Defense and Security Review of 2015.

A spokesperson for the MOD said: "A Royal Navy submarine has always been on patrol, providing the continuous at sea deterrent for almost 50 years. And the next generation of submarines will ensure this can continue into the future, deterring conflict and protecting the nation 24 hours a day, 7 days a week, 365 days a year."

A Treasury spokesperson added: "This money funds a key government priority that has been the bedrock of defence policy for nearly 50 years."

Hammond said: "Our commitment to defense and national security is unwavering. The UK's defense budget is the highest in Europe and the second highest in NATO and ensures Britain can continue to respond effectively to the ever-changing threats we face.

"We will continue to invest in our world-class armed forces and this additional investment will ensure the UK is protected by the nuclear deterrent provided by the new Dreadnought fleet into the 2030s and beyond."

Williamson said: "This is a welcome boost to our armed forces, ensuring we can continue to back-up our national security with the ultimate capability."