The equipment funding shortfall for the UK armed forces could be close to £17 billion over the next ten years

This information is according to a public spending watchdog, which worries defence chiefs during a period of elevated geopolitical risk.

The estimated budget for new weapons and equipment for 2023–2033 by the National Audit Office (NAO) is £305.5 billion, £16.9 billion over budget, the highest shortfall since the organization's founding in 2012.

As Britain works on a replacement nuclear deterrent, spiralling costs in nuclear and naval programmes have increased the future budget, according to the NAO. The financial position of the Ministry of Defence (MOD) had suffered a "marked deterioration" as a result.

Russia's invasion of Ukraine has brought attention to the need for increased military spending throughout Europe, with Britain serving as a vital ally and supplier of military hardware to Kyiv. Additionally, it has been making investments to expand its munitions facilities and enhance its own equipment readiness.

Earlier this year, the government increased defence spending by an additional £5 billion, bringing it to roughly 2.25% of GDP for this and the following year. It was roughly 2%.

The budget will continue to face pressure due to the rise in future equipment costs, which the MOD estimates will result in cost increases of £10.9 billion during periods of high inflation.

Delaying decisions about projects that are likely to be judged "unaffordable" or reducing their scope would put "poor value for money" at risk, according to the NAO.

According to the NAO, the equipment plan it examined does not account for costs associated with creating new capabilities or prolonging the life of some equipment, including combat vehicles like the Warrior and Challenger 2. As a result, the budget deficit may be even greater.

(Sources: investing.com, reuters.com)