The policy comes in response to “tyrant” Russian leader Vladimir Putin and uncertainty over President Donald Trump’s commitment to European security, while Sir Keir added that he wants defence spending to reach 3 per cent of gross domestic product during the next parliament.
Prime Minister Sir Keir Starmer announced a dramatic increase in defence spending earlier this week, saying it will rise from its current 2.3 per cent share of the economy to 2.5 per cent in 2027.
He has also battled with ongoing supply chain issues which have hampered Rolls-Royce’s financials in the years since the pandemic, which the company said would likely carry on for another year to 18 months.
It comes after Mr Erginbilgic said a hike in UK defence spending will bring more jobs, grow the economy and help technology development in the country.
The buyback, meanwhile, is the first in 10 years at the FTSE 100 giant, which is also one of Britain’s largest military suppliers, making engines and power systems for large swathes of the military.
