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Trident programme predicted to cost £167 billion
DB News: 26/10/2015 - 11:20
The Reuters news agency reports that a replacement would cost almost double the finance of it’s predecessor.
The figures were released by the Minister of Defence following parliamentary questions by Conservative MP Crispin Blunt. The new data shows that the cost of four new submarines would require £25 billion in funding.
The government also says that maintenance of the system, over its lifetime, would cost six per cent of the annual defence budget, which ministers currently pledge to hold at two per cent of (gross domestic product) GDP.
The International Monetary Fund (IMF) GDP growth forecasts for the UK have found the overall figure to be £167 billion.
Blunt said: “The successor Trident program is going to consume more than double the proportion of the defence budget of its predecessor
“The price required, both from the UK taxpayer and our conventional forces, is now too high to be rational or sensible.”
The Royal United Services Institute estimated in 2013 that the new system would cost between £70 and £80 billion, across its lifetime. Furthermore, in 2014, the independent Trident Commission said the cost of replacement would be around £100 billion.
The new approximated figure of £167 billion relates to the lifetime cost of the system between 2028-60.
The decision on whether the system should be replaced, will take place next year. Parliamentary arithmetic means the vote is likely to pass, barring a surprise last-minute rebellion by Conservative MPs and a three-line whipped vote by Labour.
A spokesperson for the Ministry of Defence said: "At around six per cent of the annual defense budget, the in-service costs of the UK's national deterrent are affordable and represent an investment in a capability which plays an important role in ensuring the UK's national security."
