@Natsku
"We need to increase defence spending in Europe whatever we do, the state of the world right now means it's necessary. "
I totally agree but sadly I just don't think it will happen. The scale of increased defence spending for many countries is massive and the timelines needed to build back up military capability after decades of sub 2% spending are at least 10 to 20 years
For many European countries and voters the choice is:
A) increase spending on defence to 5% in the short term and 3.5% in the medium/ long term. This will have to be paid for by cutting spending in other big ticket areas such as health care, pensions or education. i(t can't be funded by increased taxation or debt as this will kill the economy as Liz Truss and Rachel Reeves have found out). Or
B) throw Ukraine under a bus (and most likely other countries in Russia's or China's sights) because they don't want to spend the money defending them. All the while blaming the US for not paying the defence bill that the European countries have refused to pay.
Realistically I think I know which one they will go for. Even the UK at a comparatively higher spender is refusing to say the timelines to increase defence spending by 0.2% from 2.3% to 2.5%.
"In countries with domestic defence industries, then it's not so bad as a lot of the increased spending goes right back into the economy. "
"This is a really good point which provided the additional money doesn't come from taxation or debt would help grow the economy "
"Those that have to spend it all outside of the country, well that's more difficult. But that's why it's important to keep manufacturing in the country!"
Again totally agree on manufacturing in general and as regards military manufacturing then it improves security of supply