U.K. Defense Stocks Fall as Government Likely to Drop Spending Targets
Dow Jones
Aug 28
0804 GMT - Shares in U.K. defense companies fall after the government said it would drop its defense spending targets. Treasury chief John Healey said he would shelve his goal of raising U.K. defense spending to 3% of GDP by 2030, postponing tough military funding choices. Confirmation of this move would signal that Healey's tenure may not yield the increased backing for U.K. defense spending that many anticipated, Jefferies analysts say in a note. Babcock International is down 1.4%, BAE Systems falls 1.3% and QinetiQ is 0.9% lower.
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