6/29, 9:11 AM (Source: TeleTrader)
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UK needs more defense funds to keep leadership role - Wallace

United Kingdom's Defense Minister Ben Wallace stated on Wednesday that the country's defense spending must be increased if it is to preserve its global leadership role after 2024.

Wallace told Sky News at the start of the NATO summit in Madrid that "greater investment" in the defense sector is critical for the next decade, as the budget was depleted before the start of the Ukrainian crisis.

His remarks come ahead of British Prime Minister Boris Johnson's comments regarding the matter, expected to announce larger investments to bolster defense spending over the next decade while coordinating a global push into eastern Europe to counter Russia's threat.

Baha Breaking News (BBN) / AB