Spanish shipbuilding giant starts work to ‘revitalise' Harland & Wolff in Belfast
Navantia UK, part of a Spanish state-owned shipbuilder, said it was spending additional funds beyond the £78m value to the company of a major contract to build fleet solid support (FSS) ships for the Ministry of Defence (MoD).
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ITV News
an hour ago
- ITV News
The £13 bn hole in the government's 2.6% defence target
The Chancellor's and the Treasury's assertion, in its latest Spending Review, that by 2027 defence spending will 'reach 2.6% of GDP' is not all it seems, to the tune of about £13 billion. Here's why. The published forecasts for defence spending in the financial years 2026/7 and 2027/8, of £65.5 billion and £71 billion respectively in cash terms, are 2.1% and 2.2% of the OBR's forecast of 'current prices' GDP in those years. This is a long way short of the pledged 2.6%. The gap in cash terms is £13 billion - which is NOT a rounding error. I should start by saying that 24 hours ago I asked Treasury officials to explain the gap. It can't be hard for them to do so. They've gone away to think about it. So here are a few of my thoughts about what is going on. Some of you may remember that the government is including 'Nato qualifying' spending on intelligence in its calculation of that 2.6% target. From Westminster to Washington DC - our political experts are across all the latest key talking points. Listen to the latest episode below... But defence-related intelligence cannot possibly be more than a fifth of all UK spending on Mi6, Mi5 and GCHQ, because Nato is very clear that the only intelligence spending that counts has to be directly related to military operations. I am going to be generous and assume spending on military intelligence that is part of the so-called Single Intelligence Account and outside of the Ministry of Defence's (MoD) budget is just over a billion pounds. Ben Wallace, the former defence secretary, tells me this is absurdly high. But I am trying to give the Treasury the benefit of the doubt. Even with my generosity there is a £12 billion gap. And by the way, even if every single penny of intelligence spending was attributed to defence, there would be a £7 billion gap! One Treasury official said another £1.6 billion is probably the £1.6 billion annual cash cost of army pensions. I'll lop that off the £13 billion. Which leaves only £10 billion to find. Wallace told me that when Osborne was chancellor, he insisted that in submissions of the UK's defence spending to Nato the MoD had to include the VAT it pays on procurement. As Wallace says this is double counting, because the VAT is paid to the Treasury. When defence secretary, he was so infuriated that one year he refused to submit numbers to Nato. So perhaps the whole of the £10 billion gap is VAT. And maybe the reason the Treasury isn't getting back to me to confirm or deny is that it knows neither Nato or President Trump would be impressed that a huge proportion of our claimed defence spending may be around £10 billion in tax payments to... the British government. Anyway, now that I've put these numbers in the public domain, I await with interest clarification from the Treasury of what's going on here. None of what I've just said takes away from the published fact that defence spending is rising 3.8% faster than inflation for the next three years. That is a huge amount of resource being transferred to defence. But if when you read that the UK is set to spend 2.6% of GDP on defence, you thought all of that significant expenditure was on the armed forces, munitions, military satellites, nukes, planes and boats - as I did - you need to think again.
Glasgow Times
18 hours ago
- Glasgow Times
Hollister opens new store at Glasgow shopping centre
Hollister officially welcomed customers to its new shop in Silverburn on Friday, June 13. The clothing chain, which is part of Abercrombie & Fitch, has more than 500 stores across the world. It offers clothing, accessories, and fragrances. (Image: Silverburn Shopping Centre) The new unit is located between Polestar and H. Samuel in the Southside shopping hub. READ NEXT: Signage for well-known coffee shop appears on former cinema building David Pierotti, General Manager of Silverburn said: 'Hollister's arrival marks the start of another brilliant summer here at Silverburn, adding another standout name to our already strong portfolio of fashion retailers. 'We are really pleased with how this year is shaping up. Guests can see how much investment has been directed into Silverburn and the type of brands we are attracting.' (Image: Silverburn Shopping Centre) Hollister is one of many new additions to the centre. Spanish brand Pull & Bear also opened its first-ever location in Glasgow at Silverburn in April. Zara launched a new flagship store at the centre in March, and H Beauty welcomed customers earlier this week. Elsewhere, King Pins is set to join the leisure offerings by opening a bowling alley this summer.
Fashion United
a day ago
- Fashion United
Louis Vuitton kits out Real Madrid
LVMH-owned Louis Vuitton and Spanish football and basketball club Real Madrid have announced a multi-year partnership. The French fashion house will provide formal travel attire for the men's and women's professional football teams, as well as the men's basketball team, Louis Vuitton announced on Friday, June 13. For the first time, Louis Vuitton placed its tailoring "at the service of athletes whose sporting achievements extend far beyond the stadiums". Caroline Weir and Athenea del Castillo in 'Louis Vuitton x Real Madrid' collection Credits: Louis Vuitton "We are proud to support a club whose history, marked by countless national and international victories, continues to inspire generations," said Louis Vuitton CEO Pietro Beccari. "Louis Vuitton and Real Madrid share fundamental values that have led them to the top of their respective disciplines, driven by a continuous quest for excellence, 'self-improvement' and a spirit of innovation." The Louis Vuitton menswear atelier, led by creative director Pharrell Williams, will be responsible for the collections created specifically for the players and other team members of the Spanish professional club. These include ready-to-wear clothing, shoes and accessories to be worn at official events, as well as pieces, bags and backpacks tailored to the players' travels. The focus is on a subtle balance of comfort, performance and elegance. "Real Madrid stands for excellence and evolution – always striving forward," said Williams. "This energy fuels what we do at Louis Vuitton. This wardrobe was created to move with that same spirit – pieces that travel with purpose, strength and style." Dani Ceballos in 'Louis Vuitton x Real Madrid' collection with matching suitcase Credits: Louis Vuitton The 'Louis Vuitton x Real Madrid' collections are intended solely for the teams and will not be available for sale. This article was translated to English using an AI tool. FashionUnited uses AI language tools to speed up translating (news) articles and proofread the translations to improve the end result. This saves our human journalists time they can spend doing research and writing original articles. Articles translated with the help of AI are checked and edited by a human desk editor prior to going online. If you have questions or comments about this process email us at info@
