Defence spending was increasing again ('the UK currently spends 2.3% of its GDP on defence'.)
December 2024
Real-terms defence spending fell by 22% between 2009/10 and 2016/17 (from £57.1 billion to £44.6 billion in 2023/24 prices), before starting to increase again to nearer its 2010 levels.
Real-terms spending has increased each year since 2016/17, with the exception of 2023/24, and is expected to continue to do so. However, the fall in expenditure in the most recent year is likely to be an artefact of technical adjustments to the 2022/23 budget to finance the implementation of the new accounting standard, IFRS 16, rather than a decrease in available resource.
https://commonslibrary.parliament.uk/research-briefings/cbp-8175/
It's not as if the last Labour government were going to maintain defence spending after the financial crash (see also Labour leaders Miliband and Corbyn up thread);
March 2010
Alistair Darling admitted tonight that Labour's planned cuts in public spending will be "deeper and tougher" than Margaret Thatcher's in the 1980s, as the country's leading experts on tax and spending warned that Britain faces "two parliaments of pain" to repair the black hole in the state's finances.
^The Institute for Fiscal Studies said hefty tax rises and Whitehall spending cuts ... were in prospect during the six-year squeeze lasting until 2017 ...
departments not protected ... such as transport, defence and the Home Office [could] face budget reductions of 25%.
https://www.theguardian.com/politics/2010/mar/25/alistair-darling-cut-deeper-margaret-thatcher
I note that in 2010 Labour pledged to raise overseas aid to 0.7% of national output.