Overview

• Senior MPs warn of up to £29 billion funding shortfall for UK's armed forces, citing growing global threats.
• Ministry of Defence lacks credible plan to fund armed forces, leaving UK reliant on allies.
• Inflation and adverse currency movements contribute to a record funding gap, with the nuclear deterrent upgrade costs skyrocketing.
• Defence spending increase fails to cover the deficit, as MPs criticize the MoD's procurement processes and reliance on future spending increases.
• Concerns raised over the impact of funding gaps on the UK's military capabilities and international role.