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UK to scrap Royal Navy ships, retire helicopters to save $633 million
Published by Jessica Weisman-Pitts
Posted on November 21, 2024
2 min readLast updated: January 28, 2026
Global Banking & Finance Review®
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Published by Jessica Weisman-Pitts
Posted on November 21, 2024
2 min readLast updated: January 28, 2026
LONDON (Reuters) -British defence minister John Healey said on Wednesday he would free up 500 million pounds ($633 million) for military budgets over five years by scrapping a number of Royal Navy ships, decommissioning a drone system and retiring some helicopters.
LONDON (Reuters) -British defence minister John Healey said on Wednesday he would free up 500 million pounds ($633 million) for military budgets over five years by scrapping a number of Royal Navy ships, decommissioning a drone system and retiring some helicopters.
“These will not be the last difficult decisions I will have to make,” Healey told parliament on Wednesday as he made the announcement.
He said ending the capabilities would save the Ministry of Defence 150 million pounds over two years, and 500 million over five years, with all the savings retained within defence budgets.
These decisions will deliver better value for money and ensure we are in a better position to modernise and strengthen UK defence,” Healey said.
Britain said it plans to spend 2.5% of GDP on defence in future but in the short term its finances are being squeezed by the need to spend more on public services such as health and education.
HMS Albion and HMS Bulwark, two amphibious assault ships which have been used to land Royal Marines, will be retired from service in March 2025, Healey said, adding that HMS Northumberland, a Type 23 frigate will also be retired instead of refitted.
The Army’s Watchkeeper Mk 1 Uncrewed Aerial System will be retired along with 14 older Chinook helicopters, and a number of Puma helicopters.
He blamed the “fiscal inheritance” from the previous government for the need to make cuts to balance budgets in the short term and said Britain’s allies had been informed of its plans.
($1 = 0.7903 pounds)
(Reporting by Sarah Young, editing by Elizabeth Piper and Michael Holden)
Defence budgets are financial plans that allocate funds for a country's military and defense-related expenditures, including personnel, equipment, and operations.
A budget is a financial plan that outlines expected revenues and expenditures over a specific period, helping organizations manage their finances effectively.
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