The UK and its NATO allies will commit to spending 5% of GDP on defence spending and related infrastructure by 2035, according to Sky News. Citing two sources with knowledge of discussions, it is reported ambassadors of all 32 nation states who form the alliance have agreed the mammoth spending pledge ahead of a major summit this week.
The pledge more than doubles the existing pledge of 2% in the wake of rising global tensions. NATO secretary general Mark Rutte has long called for a dramatic increase in defence spending, as has US President Donald Trump, with the commitment expected to be rubberstamped this week. The spending is likely to be roughly broken down into 3.5% on conventional defence spending such as bombs and bullets with a further 1.5% on enabling infrastructure and equipment.

Enabling infrastructure would allow the costs of bridges being reinforced to handle heavy loads to aid the movement of military equipment to be included.
The UK has committed to raising defence spending to 2.5% of GDP by April 2027 with an "ambition" to increase that to 3% by the next parliament.
The Strategic Review, released earlier this month, highlighted the importance of increasing defence spending to at least 3% if the UK was to be able to afford the improvements it identified as crucial.
The report recommended investment in areas such as pay and housing to stem the flow of people leaving the military and to encourage more people to consider a career in uniform.
It also identified the need to procure and bring into service fighter jets, develop new means of delivering nuclear weapons, produce nuclear submarines and significant development in AI and cyber warfare.
Currently, no country in NATO spends 5% of GDP on defence, with Poland being the highest spenders with a spend of 4.12%.
This is closely followed by Estonia (3.43%), the United States (3.38%) and Latvia (3.15%).
The revelation comes following an attack by the United States, a NATO ally, on Iran's nuclear facilities.
Any retaliatory action taken by Iran could potentially trigger NATO's article 5, compelling allies to come to the aid of the US.
Asked whether the UK could be required to intervene under NATO rules if Iran attacked US bases in the region, the Prime Minister said: "I'm not going to speculate about what may happen, because all of my focus is on de-escalation.
"But I do want to reassure the public we have taken all necessary measures to protect UK interests, UK personnel and to work with our allies to protect their interests as well.
"That's what you'd expect, but my focus is on de-escalating this situation. Dealing with the threat that is that nuclear programme, but getting the parties around the table to negotiate an outcome to this."
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