U.K Buying F-35's at faster pace
U.K. Accelerating F-35 Buy Despite Budget Cuts
BY GILLIAN RICH, INVESTOR'S BUSINESS DAILY
The U.K. government is cutting its overall budget, but it's buying F-35s faster than anticipated as it has more money earmarked for anti-terrorism.
On Monday Prime Minister David Cameron said he offered France use of an air base in Cyprus for its airstrikes on Syria and said it was his "firm conviction" that the U.K. should join coalition airstrikes against Islamic State. A vote from the Parliament on the issue is expected before Christmas.
Cameron's announcement comes as Britain is slashing its overall spending budget. But the defense budget is protected from the latest cuts, and Finance Minister George Osborne told Reuters Sunday that the U.K. will boost anti-terrorism spending by 30% and will invest in more aircraft carriers and planes, so Britain plans to have 24 Lockheed Martin (NYSE:LMT) F-35 jets by 2023 to fill the runways of its new carriers.
The jets will be the first of a total order of 138 joint strike fighters planned, and a Ministry of Defense official said the 24 jets were a "substantial acceleration" of its planned order time scale.
But not everyone is rethinking defense budgets after the attacks on Paris. NATO member Canada might not buy the advanced fighter; new Prime Minister Justin Trudeau has vowed to look at options with lower prices than that of the F-35.
But U.S. Deputy Defense Secretary Robert Work told reporters over the weekend that Canada still plans to have another "full and open" fighter-jet competition, with the F-35 taking part, as Canada's new government hasn't completely dismissed the idea of buying the expensive new plan.
Canada and the U.K. are international partners in building the advanced jet.