Britain announces biggest military investment in 30 years

Britain will increase its defense budget by 16.5 billion pounds (US$21.8 billion) in the next four years, the biggest military investment since the Cold War, Prime Minister Boris Johnson said on Wednesday.

"I have taken this decision in the teeth of the pandemic because the defence of the realm must come first," Johnson said.

"The international situation is more perilous and more intensely competitive than at any time since the Cold War and Britain must be true to our history and stand alongside our allies," he said. "This is our chance to end the era of retreat, transform our armed forces, bolster our global influence."

The program, which will fund space and cyber defence projects such as an artificial intelligence agency, is expected to create 40,000 new jobs. The money will be allocated across four years and comes on top of the current budget, according to local media.