In what is believed to be one of his last acts as prime minister, Keir Starmer has finally released details on the long-awaited defence spending plan.

The plan has been subject to much controversy for some time, most recently the government’s own defence secretary, John Healey, and armed forces minister, Al Carns, both quit over the then unpublished plans.

Pushing forward with the plan despite the resignations, in his speech announcing the plan, the prime minister confirmed he would not borrow to fund the plan.

The prime minister said: ‘You have those arguing that we can just raise borrowing… Put it all on the never never.

‘And let’s be clear, defence bonds are just borrowing by another name.