Britain has always been resolute in defence of liberty and the promotion of stability around the world. And with this government it will always remain so.

So today I commit additional resources to the defence and security of the realm.

We recognise that in the modern world, the threats we face do not distinguish between different Whitehall budgets – and nor should we.

So I will guarantee a real increase in the defence budget every year, and on top of that, create a joint security fund of £1.5 billion a year by the end of the parliament.

The services will have to demonstrate they are delivering real efficiency and the Strategic Defence and Security Review will allocate the money in the most effective way.

I am also protecting our overall counter-terrorism effort.

And I reaffirm our international aid budget that saves lives and supports our values around the world. I said that this was a Budget that delivered security to the people of Britain.

And I said that we had to choose our priorities.

Well, today, this government makes this choice.

Committing to our armed forces who fight to keep us free.

Committing to the intelligence agencies who keep us safe.

Committing to the values we hold dear – and defend around the world.

And so committing today to meet the NATO pledge to spend 2% of our national income on defence. Not just this year, but every year of this decade.

We will ensure that this commitment is properly measured, because we know that while those commitments don’t come cheap, the alternatives are far more costly.

Excerpt from Chancellor George Osborne’s Summer Budget 2015 speech, July 8, 2015.

Image: Chancellor of the Exchequer George Osborne, June 24, 2014 (photo: HM Treasury)