Boris Johnson vowed to make Britain the biggest naval power in Europe.
He also said global security is in its most perilous state since the Cold War.
The prime minister announced a multibillion-pound plan to bolster the nation’s defence forces after years of cost-cutting.
He told MPs: “The era of cutting our defence budget must end and it ends now.
“Our national security in 20 years' time will depend on decisions we take today ... the international situation is now more perilous and intensively competitive than at any time since the Cold War.”
Mr Johnson said the four-year deal was worth £16.5 billion ($21.9bn) in new funding.
His ambition, he said, was to “end the era of retreat, transform our armed forces and bolster our global influence”.
He said that he wanted to “restore Britain's position as the foremost naval power in Europe”, claiming the funding would "spur a renaissance of British shipbuilding across the UK".
"If there was one policy which strengthens the UK in every possible sense, it is building more ships for the Royal Navy," he said.
Labour Party leader Sir Keir Starmer welcomed the increased spending but asked if it would be funded through tax rises.
Defence Secretary Ben Wallace said some funding would be generated by retiring old assets but admitted some details were unknown to him.
He told Sky News: "I don't know where we are going to get the money insofar as I don't know whether the chancellor has made a decision on the foreign aid budget or other budgets.
"That will be revealed next week."
The extra £16.5bn pumped into the Ministry of Defence budget goes beyond the Conservatives’ manifesto commitment. The government had already pledged to increase defence spending by 0.5 per cent above inflation for every year of this parliament.
Mr Johnson also announced a new agency dedicated to artificial intelligence, the creation of a National Cyber Force to protect the country's people from harm and a new Space Command with the potential capability to launch Britain’s first rocket in 2022.
There will be an additional £1.5bn of spending on military research and development and a commitment to invest further in the Future Combat Air System.
The announcement will allow Britain’s MoD to invest in next-generation military capability.
Since the Cold War, traditional defence and deterrence remain vital, although there has been an increased threat through other mediums, such as terrorism and cyber attacks.
The British government says this new investment will help sharpen its technology to allow it to better respond to such attacks.
Over the course of the coronavirus pandemic in the UK, more than 20,000 military personnel have been made available to deliver personal protective equipment, run Covid-19 testing sites and ensure those in the most remote areas receive the medical care they need.
The defence department has also been on the front line responding to international humanitarian disasters.
In the last year alone, HMS Enterprise was sent to help Lebanon after the explosion at the Port of Beirut, RFA Argus and Army personnel delivered disaster relief to Central American countries ravaged by Hurricane Eta, and the RAF transported vital medical supplies to communities struggling against coronavirus in West Africa and British Overseas Territories.
“I have taken this decision in the teeth of the pandemic because the defence of the realm must come first,” Mr Johnson said.
“Britain must be true to our history and stand alongside our allies. To achieve this, we need to upgrade our capabilities across the board.
“This is our chance to end the era of retreat, transform our armed forces, bolster our global influence, unite and level up our country, pioneer new technology and defend our people and way of life.”
The military spending announcement marks the first conclusion from the integrated review of the UK’s foreign, defence, development and security policy.
Full conclusions of the review are expected to be announced in the new year.
The recent defence spending increase may come as a surprise to some, as Britain is on the verge of a public debt crisis. The government borrowed a record £35.9bn in August as the cost of combating Covid-19 took its toll on the country's public finances. It is the highest amount borrowed in the month since records began in 1993.
In another record, the UK borrowed £173.7bn since the start of the fiscal year in April, topping the £157.7bn set in the 12 months ending March 2010.
Critics of the move pointed out that some of the military spending has come from funding cuts for UK aid, following the merger of the Foreign Office and the Department for International Development this year.
Prof Malcolm Chalmers, deputy director general of Royal United Services Institute (Rusi), said the budget announcement was “a remarkable tribute to the persuasive powers of the Ministry of Defence”, given the economic uncertainty of Brexit and the pandemic.
"This increase – amounting to between 10 per cent and 15 per cent more in real terms by 2024 – is the largest that defence has received since the early 1980s. This will go down well in the new US administration and with the UK's Nato allies,” he said.
Dr Karin von Hippel, director general of Rusi, said: “This announcement demonstrates that the UK remains committed to playing an important role on the global stage. It will be welcome news to the incoming Biden administration, which will be shifting away from the 'America Alone' mantra of the Trump administration on day one, and back to working closely with allies.”
Defence Secretary Ben Wallace said that he would provide more details on the UK’s defence agenda in the coming months.
The UK has the largest defence budget in Europe and the second largest in Nato.
Roll of honour 2019-2020
Dubai Rugby Sevens
Winners: Dubai Hurricanes
Runners up: Bahrain
West Asia Premiership
Winners: Bahrain
Runners up: UAE Premiership
UAE Premiership
Winners: Dubai Exiles
Runners up: Dubai Hurricanes
UAE Division One
Winners: Abu Dhabi Saracens
Runners up: Dubai Hurricanes II
UAE Division Two
Winners: Barrelhouse
Runners up: RAK Rugby
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Company%C2%A0profile
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UAE currency: the story behind the money in your pockets
What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
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Sukuk explained
Sukuk are Sharia-compliant financial certificates issued by governments, corporates and other entities. While as an asset class they resemble conventional bonds, there are some significant differences. As interest is prohibited under Sharia, sukuk must contain an underlying transaction, for example a leaseback agreement, and the income that is paid to investors is generated by the underlying asset. Investors must also be prepared to share in both the profits and losses of an enterprise. Nevertheless, sukuk are similar to conventional bonds in that they provide regular payments, and are considered less risky than equities. Most investors would not buy sukuk directly due to high minimum subscriptions, but invest via funds.
PROFILE OF INVYGO
Started: 2018
Founders: Eslam Hussein and Pulkit Ganjoo
Based: Dubai
Sector: Transport
Size: 9 employees
Investment: $1,275,000
Investors: Class 5 Global, Equitrust, Gulf Islamic Investments, Kairos K50 and William Zeqiri
Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
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Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
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Company profile
Company: Verity
Date started: May 2021
Founders: Kamal Al-Samarrai, Dina Shoman and Omar Al Sharif
Based: Dubai
Sector: FinTech
Size: four team members
Stage: Intially bootstrapped but recently closed its first pre-seed round of $800,000
Investors: Wamda, VentureSouq, Beyond Capital and regional angel investors
Profile of Hala Insurance
Date Started: September 2018
Founders: Walid and Karim Dib
Based: Abu Dhabi
Employees: Nine
Amount raised: $1.2 million
Funders: Oman Technology Fund, AB Accelerator, 500 Startups, private backers
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
The Energy Research Centre
Founded 50 years ago as a nuclear research institute, scientists at the centre believed nuclear would be the “solution for everything”.
Although they still do, they discovered in 1955 that the Netherlands had a lot of natural gas. “We still had the idea that, by 2000, it would all be nuclear,” said Harm Jeeninga, director of business and programme development at the centre.
"In the 1990s, we found out about global warming so we focused on energy savings and tackling the greenhouse gas effect.”
The energy centre’s research focuses on biomass, energy efficiency, the environment, wind and solar, as well as energy engineering and socio-economic research.
European arms
Known EU weapons transfers to Ukraine since the war began: Germany 1,000 anti-tank weapons and 500 Stinger surface-to-air missiles. Luxembourg 100 NLAW anti-tank weapons, jeeps and 15 military tents as well as air transport capacity. Belgium 2,000 machine guns, 3,800 tons of fuel. Netherlands 200 Stinger missiles. Poland 100 mortars, 8 drones, Javelin anti-tank weapons, Grot assault rifles, munitions. Slovakia 12,000 pieces of artillery ammunition, 10 million litres of fuel, 2.4 million litres of aviation fuel and 2 Bozena de-mining systems. Estonia Javelin anti-tank weapons. Latvia Stinger surface to air missiles. Czech Republic machine guns, assault rifles, other light weapons and ammunition worth $8.57 million.
All the Money in the World
Director: Ridley Scott
Starring: Charlie Plummer, Mark Wahlberg, Michelle Williams, Christopher Plummer
Four stars
TCL INFO
Teams:
Punjabi Legends Owners: Inzamam-ul-Haq and Intizar-ul-Haq; Key player: Misbah-ul-Haq
Pakhtoons Owners: Habib Khan and Tajuddin Khan; Key player: Shahid Afridi
Maratha Arabians Owners: Sohail Khan, Ali Tumbi, Parvez Khan; Key player: Virender Sehwag
Bangla Tigers Owners: Shirajuddin Alam, Yasin Choudhary, Neelesh Bhatnager, Anis and Rizwan Sajan; Key player: TBC
Colombo Lions Owners: Sri Lanka Cricket; Key player: TBC
Kerala Kings Owners: Hussain Adam Ali and Shafi Ul Mulk; Key player: Eoin Morgan
Venue Sharjah Cricket Stadium
Format 10 overs per side, matches last for 90 minutes
When December 14-17
Score
Third Test, Day 2
New Zealand 274
Pakistan 139-3 (61 ov)
Pakistan trail by 135 runs with 7 wickets remaining in the innings
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KILLING OF QASSEM SULEIMANI