Khem Rogaly, senior researcher at Common Wealth, the think tank, argues that is no need for the UK to increase military spending.
The US pivot on Ukraine has created an opening to collaborate on European security and build a defence architecture independent from the US. More spending is not needed if Britain reallocates resources currently devoted to supporting the US in the projection of power worldwide.
For any serious debate to be had, we urgently need to recognise that that the military budget is already larger in real terms than in 1980 – during the height of the Cold War.
The British armed forces are presently deployed in the Middle East, Indo-Pacific and Europe. Rather than rethinking these commitments, ramping up spending further has been taken as given. This is is a strategy for BAE Systems’ shareholders, not genuine security. Real resilience will come from prioritising our economy and society, investing in public services and domestic industries and learning to manage external supply shocks.
BP to redevelop Kirkuk oil and gas fields
BP is preparing for a showdown with activist hedge fund Elliott Investment Management by going back to its roots.
Ahead of a keenly anticipated investor day on Wednesday, Iraq’s state news agency said the oil major, once known as the Anglo-Persian Oil Company, had signed a deal to redevelop four of the gulf state’s Kirkuk oil and gas fields over 100 years after it first began drilling for oil in the region.
The deal has emerged as BP’s board prepares to present a “fundamental reset” of the company’s struggling strategy to defend the company against Elliot which has recently amassed a stake worth almost £3.8bn, or 5% of its shares.
Elliott Management is widely expected to use its grip on the 120-year-old company to demand sweeping changes, including a potential break-up of the company, after BP lost almost a quarter of its market value in the past two years.
Under the terms of the deal BP is expected to spend up to $25bn over the lifetime of the project, a senior Iraqi oil official told Reuters in early February.
The signing came after the two parties agreed on “technical issues and contractual terms, including the economic model of the project,” according to a statement published by the state news agency.
The deal also marks a breakthrough for Iraq, where output has been held back by years of war, corruption and sectarian tensions.
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