The UK has announced a massive boost in defense spending — £16.5 billion ($21.8BN) over four years, the biggest such spending bump for 30 years — in what prime minister Boris Johnson has described as a “once in a generation modernization” of the UK’s armed forces and “the end of the era of retreat” on funding for defense. Overall the UK prime minister said the spending hike will create 40,000 jobs, adding that it will cement the country’s position as the biggest military defense spender in Europe and the second largest in NATO after the US.

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