Ben Wallace: Submarines rather than ships could be the Royal Navy's future

Professor Malcolm Chalmers, deputy director of RUSI, warned “the most likely source of funding for increased defence spending would be an increase in taxation revenues”. “If the entire cost of the defence increase were to be funded in this way, it would be equivalent to an additional one per cent of GDP by the end of the decade,” he said. “This amounts to around 5p added to all rates of income tax, and, or, a 5p increase in the standard VAT rate.”