UK boosts support to Ukraine with £10 billion package
The UK will give a further £10 billion of economic and military support in the largest ever package of financial backing for Ukraine.
The UK will give a further £10 billion of economic and military support in the largest ever package of financial backing for Ukraine.
Prime Minister Andy Burnham and Chancellor John Healy informed President Zelenskyy this morning of their decision and announcement in the Budget, telling the President the move was vital for our collective security.
The fresh funding is the latest demonstration of the UK’s unwavering support, both through the war and beyond, and comes at a crucial time for Ukraine, as it heads into the winter.
Today’s package will help Ukraine defend itself, as well as maintaining economic stability in the country and ensuring essential public services keep running this winter.
In response to Russia’s ongoing egregious attacks on critical national infrastructure in Ukraine, the package includes £500 million additional military support for Ukraine’s air defences this winter.
The package is in addition to the £3bn a year already committed to Ukraine by the UK for as long as it takes and follows President Zelenskyy’s visit to Downing Street earlier this month.
Prime Minister Andy Burnham said:
“When I said we would step up our support for Ukraine, I meant it.
“This is the largest ever package of funding for Ukraine from the UK and it should leave no one in any doubt of our unflinching backing for as long as it takes.
“From the front lines to the negotiating table, the UK will stand shoulder-to-shoulder with the Ukrainian people as they continue their brave and courageous fight to defend our collective security.”
Chancellor of the Exchequer John Healey said:
“This new package of support will help Ukraine to defend their people and their nation as they fight with huge courage - civilians and military alike.
“In this fifth year of Putin’s illegal war, my message to him is clear – our commitment to Ukraine’s sovereignty and defence remains unshakeable.”
The £10bn package includes £7 bn of economic support being made available over three years, including up to £5.5 billion of World Bank guarantees and a £500 million grant contribution to the World Bank International Development Association’s crisis facility, mobilising £1.5 billion of support for Ukraine.
Alongside this, there will be a £3 billion increase in UK Export Finance (UKEF) capacity for Ukraine, prioritised for military support. It will bring the total UKEF support to £6.5 billion.
The UK has been one of Ukraine’s foremost partners since the start of Russia’s full-scale invasion, providing a range of military, economic, and diplomatic support, underpinned by the UK and Ukraine’s 100 Year Partnership.
This includes leading efforts to secure Ukraine’s long-term security alongside France and Germany as co-chairs of the Coalition of the Willing.
Including today’s announcement, the UK has committed a total of £35 billion for Ukraine:
- £16 billion in military support (including our £2.26 billion Extraordinary Revenue Acceleration (ERA) Loan contribution)
- up to £12.6 billion in non-military support (including bilateral assistance and fiscal guarantees)
- £6.5 billion cover limit for export finance support (via UK Export Finance for reconstruction and defence projects)
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